OK, thanks for your insight on the topic. In order to add a little bit of discussion to this page, I have here an extract out of a list of questions appearing on the following website:
http://www.thebigview.com/spacetime/questions.html
This is the relevant part to this thread:
Will a complete physical model of the world help us to understand ultimate reality? Can we understand ultimate reality at all through science?
Some physicists believe that a complete physical model can explain everything we observe. They hold that once the fundamental laws are known and powerful computers allow us to compute models of the world by applying these laws, we can eventually deduce explanations for all phenomena. In other words, physics can lead us to understanding ultimate reality. Is this really possible?
One may doubt it. Even if we give physicists credit for their remarkable discoveries, we have to realize that their research takes place in an isolated field of knowledge. Physics does not concern itself with issues outside its own domain. For example, the subjects of biology, life, and chemistry, as well as the phenomena of mind and consciousness cannot be explained in physical terms. In addition, the following fundamental questions arise:
1. Physics deals only with what can be measured. A complete physical model must therefore necessarily produce a materialistic view of reality. Although materialists usually deny the possibility that phenomena exist which cannot be measured or somehow quantified, they may actually exist.
2. There are limits to what can be measured, as demonstrated by the uncertainty principle.
3. Like any form of knowledge, physics represents not the world, but our ideas of the world. The question arises whether our ideas converge with ultimate reality, or whether this convergence is an illusion.
4. Advanced physical models are abstract to the degree of being unintelligible to most people. Modern physics is based on higher mathematics and can hardly be put into common language, much less can it be imagined. The multidimensional worlds of relativity and string theory, for example, are elusive to plastic imagination. The value of any science depends on how useful its models are for the thoughts and actions of humanity as a whole, hence, its usefulness leans much on predictability and intelligibility.
Points 1 and 3 refer in my opinion to what can probably be described as 'unobservable' but this is getting to the point of comparing it to Kant's concept of noumenon. I wonder what people's views are on this?