I've thought of this before myself. I look at it as a "sort of" calculus problem. The thing approaches a black hole, but never quite gets there. It approaches "black hole-ness" asymptotically, so close to it that we can't tell the difference between the almost black hole and a "real" black hole.
Aw, crap. Even as I write this, I don't like it. I think we need new physics.
It does get weird to think about. It really seems as though a proper "event horizon" would seem to have things hanging there practically forever. Any radiation that escaped near that point would be so insanely redshifted as to be nigh undetectable.
From the point of view of someone falling in, an increasingly blue-shifted universe would seem to kick into high gear, almost like Robert Charles Wilson's Spin. They should not appear to themselves to be slowing down, but would they ever manage to cross the event horizon if it would seem that an infinite amount of time outside the black hole would have to pass?
Or perhaps we shall find the relationship breaks down a bit, that perhaps gravity isn't so much geometrical as mediated, and the high densities interfere with or put a limit on that mediation?
