Okay here's my theory behind this chapter:
the dimension that kakashi sends objects to, and the one that we've seen tobi travel to with sasuke and karin are the same. furthermore when tobi phases, he sends his mass to this dimension (from now on referred to as "B") leaving his ghost body in the real world from now on referred to as "A".
Now imagine A and B as two dimensions coexisting within the same space, overlapping, but unaffected by each other. So tobi's appearance in A while phased is not a genjutsu or illusion set up to make enemies think that he is tangible, but actually a remnant of his body while he is existing in B (this part im still working on). All his senses remain in A, that is the risk of the jutsu. He can only estimate what exists in B and where it is when he phases, but ultimately he is blind to dangers in B unless he teleports the traditional way.
So hypothetically if tobi went to the same place in A where kakashi tore off diedara's arm, and then phased, he could trip over diedara's arm in B but appear to trip over nothing in A. Now when kakashi sent the kunai to B, tobi phased and because of this was still susceptible to the kunai and because of this it just grazed him.
This is when my thoery becomes a bit flawed:
When kakashi sent
naruto's rasengan to B, tobi was phased but did not receive the hit immediately when his head passed the same region of space that the rasengan had been, but instead there was a delay.
However what bothers me is the rasengan should have disappeared the moment naruto lost contact with it, as he could no longer maintain the chakra rotation and supply. The solution? There is a time delay between A's reality and B's reality, enough (id estimate 1 second) for tobi to move through naruto and then allow that impact on his arm that should have happened on his head.
I know theres a few holes in this like the time delay i just mentioned, so apart from those any thoughts?
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