I accepted the drug as "real," too, if that means that I thought something was happening outside Dick's mind, but when do hallucinations leave off and perception begin? That the events Dick "saw" seemed to have taken place in fact? The story makes it explicit that physical time travel did not take place.
I have similar issues with irresolution. Along that spectrum lies the issues that some of us had with Never Let Me Go. But I revisited My Cousin Rachel this past summer and I thought the nebulousness of this worked better, if only because once you admit fantastic elements you allow for much. I found My Cousin Rachel to be a failure in regard to its open-endedness.
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