What Ich is saying pretty much agrees with the model I had come up with, but it looks like Frederik is having trouble understanding exactly how it works, so I'll try to explain things the way I see them:
Suppose there is no curvature in space. If there's any matter or energy in it, just assume it's negligible (at least for now, we'll refine this point later). Spacetime is flat.
At some point in the past, the big bang occurred and sent stuff flying apart everywhere with some accelleration proportional to distance (measured locally between nearby points) during a short time, after that the stuff kept flying straight ahead. This is of course a huge oversimplification but never mind that.
Now look at the entire universe from our point of view, applying SR. It is quite obvious that time for distant objects must be running slower, since they are moving relative to us. Don't go all "but they're in a different M4 space" or whatever it was Frederik was babbling about, we are just looking at the entire spacetime from our point of view, assuming a flat and infinite universe in which things just happen to be flying apart but they might as well be flying in different directions, our metric is not tuned to this expansion in any way. The objects are "really" moving relative to us, they are not fixed in some kind of expanding metric (that's a different model which we'll talk about later).
Since we have based our coordinate system on SR, nothing can travel faster than light. Very distant objects will be approaching it, and their time will be grinding to an asymptotic halt. They will never reach our age, but are "stuck" in the big bang.
Locally, of course, time over there is just moving at its normal pace, life will develop, and the aliens there will be convinced that they are in the oldest galaxy and WE will never exist. This is perfectly acceptable as we will never be able to see each other anyway.
Along with time dilation, we obviously have length contraction as well. In fact the entire "infinite" universe actually fits very neatly in a finite sphere with a radius of the age of the universe times the speed of light. At the edge of the sphere, the Big Bang is just starting right now, and will forever be "just starting". Obviously this "edge" is a singularity. Slightly inside the edge, the big bang accelleration is still occurring but time has almost come to a standstill. There's still an infinite amount of space in the tiny shell if you were there locally, it's only shrunk to a finite distance because of length contraction (which asymptotically becomes infinite at the edge). In fact, the location of the aliens is close to the edge from our point of view, but they will actually say they are in the middle and we are near the edge.
Now let's compare this metric with the cosmological model. In that model, the time coordinate is defined as local time experienced by an observer who is moving together with the expansion of the universe. This gets rid of time dilation by definition, the universe is the same age everywhere. Space distances are defined in such a way that the speed of light, measured locally relative to a local, comoving observer, is c. That means that the speed of light in a faraway region of space viewed from our position, has to be vectorially added to the local expansion speed of the universe! Which may be greater than the speed of light itself, by the way, making it impossible for light to get here from there.
In this model, the universe is homogenous, and the very distant alien does exist, right now, but we will never be able to communicate with it because space in between is expanding too rapidly for even light to cross it. So in any case it does not really matter whether it exists or not, and there is no contradiction with the first model. Just like an event can be earlier or later than another event depending on the observer, the first coordinate system moves the aliens off the spacetime map entirely.
OK, so far so good, back to the first model. The only thing to work out now, is what happens when gravity (curvature) is thrown into the mix. For example, if gravity is strong, and there is no dark energy or anything like that, and the universe would somehow be pulled back together in a Big Crunch, there should not be a twin paradox so somehow gravitational time dilation should probably offset the time dilation due to speed (at least in the end). That's the question I asked in the other thread (Twin Paradox in Big Crunch).
This gravitational time dilation would be explained by considering the cosmic gravitational field centered around our position. Obviously the aliens will say the cosmic gravitational field is centered around them, and they are perfectly at liberty to say so.
With any luck, distant clocks will be moving slower initially, then speed up and actually get faster than ours while the universe slows down (no more time dilation due to speed, while gravity still acts), actually getting ahead of our clocks, and then slow down again during the big crunch so they are exactly in sync with ours when we get back together. But someone much smarter than me will have to calculate that some day...
Another problem is what the universe will look like around the time of reversal, when expansion turns into contraction. Gravitational effects must somehow undo the length contraction as well, because otherwise we're still stuck with the expanding Big Bang Shell while the big crunch will happen at a definite time in the future. This will probably be solved by considering that the speed of light increases as you move higher up in the gravitational field, allowing things to travel faster than our local speed of light. The universe is probably infinite all along after all...
Whew, does all this make any sense at all?
