Never Wake Up: The Secret and Meaning of Inception by Devin Faraci is possibly one of the most alternative and yet most coherent explanations/interpretations of Inception by far.
His write-up is corroborated with the first interpretation in Peter Hall's Dissecting Inception: Six Interpretations and Five Plot Holes.
It seems like I'll be going with the idea that the entire movie is a dream. Devin Faraci takes it even further by bringing out the analogy that the audience is the dreamer, and Peter Hall brilliantly indicates what the audience's totem should've been, but wasn't available, thus confirming it.
Must reads for all Inception junkies IMHO!