As I have ten minutes to kill, I'll answer your questions.

With regards to fantasy/realism, it is completely in the hands of the players. While very unlikely, if you all meet up and decide you want to create as realistic a world as possible, it's your call. My experience was more of the 'jump right in, gremlins from the start, Warrior-Prophets, epic showdowns between chaos/nature/underground spider things etc. And the elves were living with their god in some secluded misty forest somewhere'.

With regards to in game time, this is obviously a very different kind of RP and the concept of time works very differently for gods. I don't like turning everything into statistics as I prefer things to be more fluid, and this is my approach to time. A post may well-involve the creation of the universe - stars, galaxies etc. - which would, in human terms, take many billions of years. For gods, it takes as the time you spend writing it. You don't need to specify that X number of years has passed, there is an implication that it has taken a long time in human years, but time is so insignificant to the gods that they need not even operate within its framework (strangely enough, my character will be a god of time/space, great to know I'm insignificant xD)
As this is an RP where you will probably take control of what you create, time will of more significance for those, but you can explore that in-game (one of my creations back in the old game was immortal but could age, I had him sitting on a hill for 100 years, it was pretty interesting to explore his feelings of abandonment, betrayal, being neglected, self-realisation etc.) So, to make a long story short, the time pace is what is most convenient for each individual post, keeping in mind the pace of the post you're replying to etc. Hope that makes sense. If it does become a very pressing concern in-game, we'll work out a more convenient system, but free and fluid was nicer and worked well in my experience.

Yes, I really did guess who you were. Then I checked your profile. It was pretty easy since I was trying to hunt you down yesterday but couldn't find you.

Yes, creations will advance, but only with intervention. For instance, Ug the Hunter-Gatherer Caveman will continue to be Ug the Hunter-Gatherer Caveman until you are kind enough to teach him agriculture and farming. You may want to teach your chosen creations concepts such as honour, dignity, loyalty. You may imbue them with great intellect and grant them magical abilities etc. You may turn them into mindless beasts with the sole purpose of finding the next bit of meat (indeed, we had a bit of a gremlin infestation from the very beginning of the last game, causing our poor Ug's a great deal of death, suffering and other mindlessly cruel things)

Edit: Yup, Might and the rest will all be explained, worry not ;)