Dear Cristi,
It happens that your essay is a special one for me so please you will permit me to say some things in good detail.
Now, in response to your position that "... the complete picture is not it from bit, but rather it from bit & bit from it." and "that at any moment there is at least ONE [emphasis mine] possible reality, which ensure the consistency and the correlations?" and then also that "He [wheeler] viewed the law [without law] as being created, or perhaps chosen from an infinity of alternatives, by the VERY OBSERVATION PROCESS [emphasis mine].Let me illustrate graphically what appears to me a natural picture of Wheeler's "U" (the participatory universe).
Think of the universe as a standing wave and then think of any observer as the fundamental of this wave and then see his observables as the harmonics of this fundamental. You find that on the whole Wheeler's "U" (the participatory universe) is actually just the "virtual exchange" of standard model i.e. there is no NET movement.
Next I ask how then may one differentiate QUALITATIVELY a fundamental from a harmonic? My answer is that they are like in linear perspective (a) the point of view versus (b) the perspective itself i.e. the merely apparent "scale" that any point of view imposes on the size of everything else in the picture and which starting from the point of view terminates in the so-called vanishing point (you could also say a fundamental versus the harmonic is like the "ether" versus a "Lorentz-Fitzgerald contraction" or like a musical key versus the octave). However, the issue now is that all the "transformations" are otherwise only virtual or "fictitious" like Einstein would say of Newton's gravitational force. Locality/observables are but the nodes and antinodes of a standing wave.
Now I make the case that as the de facto fundamental any given observer is the WELL BEHAVED-NESS or standing-ness i.e. self-same-ness of ANY system of waves--for it takes a selfsame wave to interfer. This means that any observer is pure and simply the infintessimal or virtual work i.e. Noether's "conserved current". That is, it is at once the "virtual exchange" of SM or "space-time" of GR or "superposition" of QM or generally speaking the "phase space".
My "observer" is your "zero axiom" plus [Godelian] "consistency" and it is essentially physically FICTICIOUS. It is in QM the SUPERPOSITION or "wavefunction" proper.
More over your "contradictions" are his OBSERVABLES (in the sense of Newton's force as always an action/reaction pair; the observer being then the third law itself). And by observables I mean space/time, mass/energy, wave/corpuscular nature, dualities ad infinitum. But I think of these dualities as Noether's continuous symmetry (or Peano's "natural numbers"). The observer is their divide or "virtual exchange" (superposition). Any observer is the "universe" proper or Markovian (perhaps same thermodynamics calls "isolated system") and Wheeler calls law without law.
And, Cristi, I assert that the de facto observer is the de facto uncertainty (and classical "conservation law"). Qualitatively i.e. observability wise the observer constitutes to itself the NOTHING (or "all things")--Godel's incompleteness.
Granted, this all is not nearly intuitive but I promise you this model of the observer is tantamount to a theory of quantum gravity. Of course I provide testable physical data in my essay What a Wavefunction is
I like that you have noted that Wheeler was not so protective of his reputation to the detriment of his inquiry. I have other proposals to make of you but please actually read through my essay and analyse the data presented. And then tell me what you think. As for me I think you nearly hit my mark and that we can get something revolutionary out of this.
All the best,
Chidi