First off, just a bit of clarification. There is no cinematic or anything like that. You're floating in space, looking down on the planet, and those flashes of light are just what you see down below. It's not a dramatic close-up or anything.

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Mind and body are separated when logged in. Physiological abnormalities in-game, such as rapid heart beats and all, are not reciprocated by your actual body.

Cacophony Concord already advertises a dilation of 3 to 1 on its website; every three hours spent in-game is one hour out of game. Further in-combat dilation varies from individual to individual. Essentially, it's like moving normally in a world that has become slower.

No.