Mind-blowing ideas, Oaktown Steve, but I think the concept of implementing completely virtual leagues will hit a snag because people won't be able to accept "virtual" injuries or "virtual" underperformance. At least with using real players and their performances, everyone is going off the same baseline and has a common point of reference. Kevin Youkilis is hurt because Kevin Youkilis is hurt IN REALITY, not because some random number generator in a computer program said that he is.
All the other stuff you're talking about - announcing your own games, a virtual seat at the stadium to watch your games, newspaper articles or newscasts showing your fantasy league highlights - all that can be done while using real players and real games as the basis for the stats. I think that's a more likely implementation of your dream than having a virtual statistical base.
I think the best shot for virtual fantasy sports would be during the off-season when there are no real games being played. I dread the day this arrives though, as I feel like I need a 6-month break to recover from the grind of a fantasy baseball season.
In the end, I think reality-based fantasy baseball will remain king. But I could be completely wrong about that. Maybe people will want a toaster to play second base for them.
The Braves already have a safe playing second for them.