Well, a simulation is just an approximation of reality, a
complete physics engine would be infinitely slow to both make and run
But I'm sure you didn't mean
that completeness
Still, it's always a compromise.
RoR guys are simulating the vehicles with advanced beam physics that can make a realistic simulation and deformation (with proper models). But it is also quite demanding, able to down any system easily, to the point it ceases to be fun.
Except for hardcore fans who favor
sampled realism over the fun, that is.
But I say it doesn't matter. We want to create a platform where even such physics could be run. We want to create a world that is needed by every one such simulation or by the games that want to play on whole planets with detail at all levels. And let's make it open in a way allowing to plug-in any simulation system, that would be lightened from the burden of having to create a believable world every time.
However, I think the platform should come with a good implementation for basic vehicle classes to successfully jumpstart.
Other points are valid - the platform should be available for both developers and users, and it should provide the market place for addons etc.
And the multiplayer, yes it will be very important too.
The different dimensions should be the separate realms where one can be, the overlays defining in what epoch the world is and how it is changed from its natural state (=civilization). Crossing between the realms will be limited, at least for the active roles (unless it's a part of a game), but for the passive viewers it might be quite a fun to cross over to the age of dinosaurs with a jet fighter