I see the MSD as basically the Trek version of a DC diagram for a ship. (Damage Control)
On the few ships I've seen (some coast guard vessels mainly) it was actually laid out like an elaborate deck plan showing compartments as well as indicators for electrical and piping lines.
A ship the size of the Enterprise would probably need something computerized and moving. Tap one level and it turns into a deckplan. Tap two levels and it shows them side by side or shows one as a transparency over the other.
True -- RL DC plates are chockful of info, compartment numbers, deck plan, and "spaghetti" lines showing the various systems. That being said, I don't think it would translate across very well, even on a big screen -- it would probably look like a big grey blur onscreen. Hence the MSD.
And while it would be a nifty effect to have a computerized version (there's been a move afoot to do so within both the USN and USCG), it still would be next to useless if you lose power, even with batteries. Nothing beats good old paper and pencil sometimes...

Cheers,
-CM-