Dear Cristi -
It is very interesting to see Wheeler's ideas covered in such depth; I loved your coverage of the subject. You speak of Wheeler's exhortation to be bold and to question everything, and this makes me think about how all discoveries were 'pre-discovered' - by artists, writers, and people living off the land. They didn't worry about looking ridiculous; they had to survive, and so they took a clear look at everything.
You present the idea of our subjectivity (or It from Bit) by using the very effective analogy of the different webs. This makes Wheeler's concept very clear, I must say. I consider the matter in broader terms than is usually allowed by physics: That is, from the perspective of evolution - and how our constant yes-no interaction with the Cosmos has effectively created our 'Species Cosmos.'
We determine the past, and the physical laws - as Wheeler says - but only in so far as these relate to us at a particular point in evolution: Our perception of the Cosmos never remains the same - and over great enough periods of time all discoveries, all facts, are re-configured beyond recognition.
Like you, I know this doesn't mean that only information exists: There is a 'greater reality' beyond the Species Cosmos - and it is this that gives phenomena their correlation, as you point out.
In fact, as our biology and information systems develop (and as our experimental sophistication increases) we perceive ever more of this 'greater reality'. We cannot know this 'greater reality' completely - anymore than we can know the 'complete state' - but we can deduce certain of its effects upon the Cosmos, and upon the logically consistent views of the evolving observer.
It might interest you to consider these deductions in my essay.
I think you would agree that it's accurate to say that information exists in correlation with the field of observation: That It and Bit are correlated - the observer evolving and altering his perception of the cosmos, as the cosmos does the same. As you put it - 'It from Bit and Bit from It.'
In the course of evolution 'It' is altered completely: the organism interacts with inorganic reality in a certain manner at every stage of development, and we have only to look at our cousins the monkeys to understand how radically our 'Its' have changed over the last 300,000 years.
This might seem to have little to do with Physics, until we consider that evolution never stops - indeed, it is occurring in minute increments at every moment of perception: It is, ultimately, time itself - for no change or sequence of any sort exists apart from the moment of perception, which is itself entirely determined by evolution at that moment. It is Evolution that creeps into everything and makes the world; and I believe Physics must expand Wheeler's concept of It and Bit to take account of this evolutionary influence, if we are to define how 'information underlies reality - '
Once again, I found your essay very helpful - and certainly very well written - and have rated it highly. I do believe you'll find much to think about in my paradigm, and I hope you drop by soon and let me know what you think.
All the best in the competition!
John.