What amazes me even more is that nobody has nitpicked about the fact that a planet the size of Gallifrey appearing closer to the earth than the moon would tear the earth apart from the tidal forces.
In fact, Gallifrey appeared as close to the Earth as GPS satellites are. I won't buy any BS that it was all a projection/illusion or a "manifestation of the time bubble" for two reasons.
1. The time lords and the president were very real. The doctor even stated they were bringing back not just the race, but the whole planet.
2. It caused very real earthquakes. The ground shook. A projection does not do that.
RTD & Co. may not have realised exactly how much damage a planet 5 times as massive as the earth would do if it appeared at such a close proximity. When Gallifrey first appeared and was still some distance away, I do not doubt that its own gravity would've immediately begun pulling people off the earth's surface and into space towards it. At the same time, the earth would fall down onto Gallifrey within minutes and shatter both planets.