Door #3.
During the actual game, we're assuming you're going to be using the Player View mechanism to instantly show information to the players. The use of Player Edition during the game is largely focused on enabling players to lookup information independently. Let me cite an example from one of our games...
The GM mentions something that triggers a memory a player had from many sessions ago. He just mentioned that we find some text in a language that looks vaguely familiar. The player remembers a placard in an ancient church that was written in an unknown language. This can play out two different ways.
Without Realm Works, the player stops the GM and recounts his memory of the sessions many months previous. That memory is vague and the GM isn't sure what the player is talking about. Which old church? What placard? After lots of back-and-forth discussion, he's finally pieced the cryptic fragments together and nailed down what the player is actually referring to. Now he spends 5 minutes flipping through his notes to find the details about an old ruined temple, then he reads through them to find out if there was an actual placard and, once that's done, determine what was actually on it. Finally, he informs the player that "no, it wasn't an old church, it was temple ruins, and it wasn't a placard you remembered, but there was writing beneath a statue and it was quite different from what you're seeing now." Almost 30 minutes after the player interrupts things with a potentially good idea, we find it was a wrong theory and resume the game.
With Realm Works, the player does a quick search for "church" and finds nothing that matches his memory. So he looks up the haunted forest where he remembers the church being to find good prospects therein. He sees old temple ruins that sound promising. The temple ruins match what the player remembers, so he dives into the details of that location and what we learned there. There's a few snippets about finding strange writing carved beneath a statue. Roughly two minutes after having the idea, the player stops the GM to inquire if the writing we saw beneath the statue in the temple ruins matches the language we see now. The GM instantly locates the temple by its name (given by the player), scans through his notes to refresh his memory, and says that the writing is in a very different language from what we see now. Two minutes of distraction for the player to independently pursue the idea and only one minute of interruption of the overall game to confirm or disprove a potentially good idea from the player. The flow and energy of the game are maintained.
I'm sure every player (let alone GM) can recount a dozen or more similar situations where having the revealed information from past game sessions quickly available for reference would save significant amounts of time and avoid unnecessary interruptions that derail the fun of the game. That's the focus of Player Edition from our perspective.
Hope this helps!