Local field potential (LFP) multielectrode recordings of spontaneous rhythms in an isolated whole hippocampal preparation are characterized with respect to their spatial variability within the hippocampus, and their frequency properties. Using simulated data, we categorize potential relationships between frequency variation over time in LFP recordings and spatial variability between electrodes. We then use data recorded from the intact preparation to distinguish between our theoretical categories. We find that the LFP recordings have a close to spatially invariant frequency distribution (not phase) across the hippocampus, and differ in frequency only in a component that may be seen as physiological noise. From these facts, we conclude that the isolated hippocampal LFP recordings represent a single signal and may be regarded as a unitary circuitry. We additionally examine phase differences across our recording sites. We use our characterization of the hippocampal isolate's properties to predict its spatial coherence in response to high frequency stimulation. We find that there is a finely tuned inverse relationship between temporal variability in the hippocampal isolate's LFP recordings and their spatial coherence.