I agree the trip reports don't quite capture DMT, even if you were to record the visuals it wouldn't come close to capturing it. The bizarre feeling that starts to come on, the intense pressure and almost feeling as if the visions have been shoved into you, they are so close almost uncomfortably close, but not in a painful way. No psychedelic has ever quite compared, i've had similar feelings on LSD, but not to the same level.
Several times i've came out just laughing, or with the biggest grin on my face, even after being scared shitless, just because once my brain starts re-integrating reality I realize the absurdity of the thoughts or lack there of being able to actually collectively gather my consciousness.
I personally lean towards not believing in hyperspace but a massive 'misfiring' of the brain, similar to some theories i've seen on LSD. The bizarre Deja VU feeling that is quite common on LSD (loops) i've seen explained through theories of short term memories being nearly instantly stored as long term, causing the brain to get very confused because something that is happening is already considered as have happened.
I kind of feel the same oddities with DMT, the brain seems to be struggling desperately to make sense of information, which I feel the DMT is causing the filters of your brain to be severely suppressed, so things that would normally be not even thought about become the focus. Minor signals normally suppressed become your world, and your brain not being used to such visions tries to extrapolate it causing the fractal like patterns. This seems to kind of correspond to how normal vision happens, we see a fraction of what we 'see', the brain interpolates and extrapolates vast amounts of information, the details you see are usually constructed by the brain, not by what you are seeing. The eye tends to focus on differences, or new information, to learn it and add detail. There are huge blind spots in the human vision that we are completely oblivious to because the brain 'fixes' it. Our brains are pretty amazing at what they do.
Anyway, i'm rambling at this point, and without getting into writing a full book on this I don't think i'd ever be able to express my thoughts completely
