The timewave zero thing, without the alternate world with no Jesus thing is very interesting. There was no Jesus in this world either, by the way. I love Terence McKenna. I believe he is a shaman and he has seen something coming over the horizon or rather we are approaching it. he calls it "The Transcendental Object at the End of Time"(TOAEOT).
My interpretation is that 2012 we will become lucid. That is when we will realize that we are this TOATEOT. As far as alternate realities go, these are just more dreams as far as I'm concerned. I will have to summon Terence McKenna in my next lucid dream and have a talk with him. Should be fun.
The End of time will be exciting, and no, It doesn't mean the end of the Universe. There are many things going to happen that astronomers aknwoledge as well. Major Solar flares which shall definately supercharge our nerves with some electro magnetic energy. Also should cause some northern lights all over the whole world, which ties in to the Hopi prophecies. Also the Tibetan prophecies also say, winter solstice 2012. Also the Earth's electromagnetic field is frcturing as we speak. Should be in for an intense electro-magnetic storm. Also passing through a major photon belt at that time which should light up matter from the inside, like in a dream there is light even though you are in bed with your eyes closed and the lights off. Matter will be light. Aliens coming, I'm betting. I already communicate to some in my dreams. Anyway, this is why I practice lucid dreaming.