I think the state of "now" which we can experience in meditation or by the influence of psychedelics is a state of self-awareness, and is characteristic for consciousness. A series of micro events is all about about causality - cause and effect. Awakened consciousness, however, is above causality - it's the realm of creativity and genesis. Causality is all within the boundaries of time and space. Consciousness has the potential to go beyond. In other words: Our spatial 3D-environment is carried by the surface of time. Cause and effect can not be without time. The fact, that we as consciousness can perceive time means that we are somehow above this spatial reality. Our ability to perceive time can be seen as a window into a higher dimension - the time dimension. Now we use time through our mind for all sorts of interesting things, like language, culture, science and arts. The sense of time gives us the ability to creatively modify our 3D-environment. But then where is this creativity coming from? Certainly not from here because our environment is all about cause and effect, it doesn't bear any creativity by itself. Even thinking isn't really a creative process, it's more about measurement and abstraction.
Earlier you asked: how would it be possible to "imagine" present, let alone experience it?
You only can experience it. As soon as you begin to imagine something your awareness leaves the present here and now. Therefore you can't imagine it, you can only perceive it. Fully experiencing the present reality is mediation, it's like coming home from mental time travel which is projection and abstraction.
I believe that what reality is for us depends on how deep we are capable to penetrate into it. Animals for instance don't perceive time as we do because their awareness is entirely rooted in the presence. Humans, however, have a sense of time. We can remember and extrapolate states of now other then the present moment.
Phew... thank you Peter, for the detailed explanation. Some pretty complex thought, I think I'll have to chew on that for a while...
It's not actually that complex, I just have difficulties to put it simple...