I've experienced filmstrip versions of the same 'stand back from your life as a whole' phenomena. Your image reminds me of the Reality Tunnel concept.
http://en.wikipedia.org/wiki/Reality_tunnel There is a book of the same title. One concept within is that the projection / hologram / dream that is life is undetectable as false because our level of perception is not fine enough to perceive the flaws. For example, if the scan rate on a video panel is too slow its a phenomena that doesn't fit into what is going on in the plot of the movie. So this would be a clue to our error in assuming we are in fact an individual in a life story.
One possibility is that entheogens increase our sampling rate of 'reality' (or our divine imagination) such that apparently one's consciousness pulls back from the movie, the story, the reality tunnel. This provides a clue that all is not factually what it seems.
Peace
"Blinded by their own sight, hearing, feeling, and knowing, they don't perceive the radiance of the source. If they could eliminate all conceptual thinking, this source would appear, like the sun rising through the empty sky and illuminating the whole universe." - Huang Po