Wonder Woman needs its element of fantasty...but there are definately ways to make it realistic and in the real world as well. All you have to do is look at shows like Buffy, Angel, Doctor Who, who have fantastical and science fiction based themes that take place in the so called real world. Theymiscra and the Amazons have always been seperate from Man's World anyways, that's the point of sending Diana as their Ambassador. You need to keep these elements as they're vital to the story you're trying to tell, removing Olympus from Diana's backstory would turn into a big mistake and piss off all the Wonder Woman fans. I'm thinking that the upcoming Animated DVD movie is a test to see what kind of interest there is for a live action Wonder Woman movie. LOTR was a historical fanstasy...Peter Jackson made a statement early into production (it might have even been during pre-production) that his intention was to make a historical fantasty. Breathe life into Middle World and make it real that way. You could do the same with Wonder Woman, Superman, and Thor. They all have elements of science fiction/fantasty but there are ways to keep them "real" as well.