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The holographic universe is a serious hypothesis proposed by highly respected physicists as a way of reconciling certain properties of the universe. It doesn't actually challenge the 'reality' of 3 spatial dimensions that we experience. See this article: http://en.wikipedia.org/wiki/Holographic_Universe "...In a larger and more speculative sense, the theory suggests that the entire universe can be seen as a two-dimensional information structure "painted" on the cosmological horizon, so that the three dimensions we observe are only an effective description at low energies. Cosmological holography has not yet been made mathematically precise, partly because the cosmological horizon has a finite area and grows with time."
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It is certainly possible, I havent seen any evidence that solidly proves that it isnt !
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