(1) After backing with his father from war, Aya (which is Saya in Kyousuke's world) met Riki. She made her first friend. They played together. After that, they back to their houses. A landslide happened and caught Aya's house and her -> I think that Aya really died here.
^ Everything on item (1) really happened in real life (i.e. outside Kyousuke's world).
(2) Then, everything that happened later is Aya's soul that wandered to Kyousuke's world, materializing as Saya, a main female character of a manga that both she (Aya) and Kyousuke like a lot.
After her death, how she wandered to Kyousuke's world if his world was not created at that time? I think that the time is somehow different when you're dead and compared to the real world time. After her death, I think that Aya's soul stayed in a sort of "limbo" before wandering to Kyousuke's world. So many years have passed when she was in the "limbo" before "waking up" and wandering to Kyousuke's world. When she woke up, for her, it was as if she had slept just some hours, but in fact many years have already passed.
Oh, and she didn't go to the "heaven" (or something like that) because she died with regrets: she had just made her first friend, she was probably loving for the first time, she wanted to feel more and properly this love for the first time but she couldn't because she died.
Besides, Aya looking like Saya is just a coincidence, I think. They made it like that just to viewers do not get lost: "See, my viewers, Aya is somehow Saya, Ok?" -> but this somehow also confused us. Emerging the subject: "How she's a teenager..?!"
Aya is Aya. And Saya is just a main heroine from a manga that looks like Aya (If she had not died and if she had grown up) that was used as a materialization reference for Aya. In other words, this is just a coincidence: if Aya had not died she would (probably) look like Saya from the manga.
In other words, it's not like she grown up, she just materialized Saya which is a teenager in the manga, just as Riki and all the others nowadays. She's the Aya with the personality that she had before died materialized with the appearence of Saya used as reference.
(3) Then, after the game in Kyousuke's world finished for Saya (which is Aya), it's shown that she woke up and she thinking that she was alive and made it look that everything was a dream (since she first met Riki untill the end for her in Kyousuke's world). But I think it wasn't a dream. She really died and she really wandered to Kyousuke's world. What we see at this point now I think it's a "world"/imagination that Aya unconsciously created for her after everything that happened untill now. A "world" where she can be "forever" with Riki, a world where she can "properly" feel love for the first time and be happy "forever and ever" playing around with what (and who) made her feel warm feelings for the first time.
PS1.: I really thought (and still think) in the idea that she had really back in time, but I think that the other theory above is more plausible, otherwise she would die again in the landslide and it would make no sense, seeing how everything as ended and in what they (author and producers) wanted to show and convey to us, I think. Consequently, that time-machine never existed, it was a lie all the time.
PS2.: So yes, that landslide really happened in real life and she really died due to that. Everything after is her soul that materialized as Saya from the manga that she (Aya) and Kyousuke like a lot. She really died, she's really... dead. Damn it! Why..?! Saya/Aya! I feel so much for her, really! I feel her pain and everything that she passed through! I want so much to do something for her but I just can't!!! I want to comfort her, but I.. can't..! Even I could, I would be able..?! Since she's already dead...? Damn it! Damn!
PS3.: I never played the Visual Novel, now I want to play it! ^_^
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