You may be right, but I also find it a really horrible idea that I don't believe in but nevertheless am threatened by because my imagination is cruel, so I prefer to think of it as limited more to some areas of my joy than others!
Also, because of DC's propensity to pare down their 'verses as much as they can, that whole Crisis thing. DC really does seem to love one true version stuff, though of course it has to allow things like ASBAR and the DCAU for the sake of money. The way that DC seems to (am I wrong on this?)refer to its elseworlds as imaginary stories rather than alternate realities.