1 is: It is impossible to create a virtual world!!!
If you're a happy hobbyist, well not everybody are supposed to be experts of course but the more you know, the better you will build.
If you regard yourself as a skilled SL builder, you should know all of this. However, the BIG secret is not in all those details, it's about understanding how it works.
I'm working on documenting them all but it'll take a while since it's a huge task and I can only work on it on the rare occasions when I happen to have a few minutes to spare. There are a lot of tricks and techniques to make the most out of the limited rendering resources we have in a virtual world.