It's certainly not too hard to understand everything there is to understand about the algebraic closure of Fp. Perhaps the reason this is unsatisfying as an example for founding intuition is because it doesn't really have a nice topological structure; it lacks anything like a natural metric. So here's an attempt to explain why what is in some sense the next simplest example puts you in a better situation, intuition-wise.
If you have some intuition about the p-adic numbers look and feel (for example, topologically), then you secretly have intuition for the t-adic topology on the complete local field K=Fp((1/t)). Now, as far as characteristic p fields go, this sort of puts you in the position of (in your parlance) a "preschooler" who knows about R but hasn't yet gotten to kindergarten to learn about C. Why is K like R? First, it is locally compact. Second, it is at least analogous to completing Fp(t), which is very much like Q with Fp[t] as the analogue of Z, at an "infinite" valuation, namely the degree or (1/t)-adic valuation, rather than a "finite" place like a prime polynomial in Fp[t]. (The (1/t)-adic valuation corresponds to the point at infinity on the projective line over F_p. Likewise, number theorists love to say, perhaps partly to annoy John Conway, that the real and complex absolute values on Q correspond to "archimedean primes" or "primes dividing infinity". This is actually a pretty lame analogy, though, since K=Fp((1/t)) looks a lot more like Fp((t)), say, than R or C looks like Q2.)
Unfortunately there are two extra difficulties in the characteristic p case. First, upon passing to the algebraic closure L of K we lose completeness. Second, we make an infinite field extension, unlike the degree 2 extension C/R. Thus, while L is an algebraically closed field of characteristic p, it bears little resemblance to R. In fact, it's a lot more like an algebraically closed field of characteristic 0 that is a bit scarier (at least to me) than C, namely Cp, or what you get when you complete the algebraic closure of Qp with respect to the topology coming from the unique extension of the p-adic valuation.
While this may seem bad, I think it's actually good, because one can really get a handle on some of the properties of Cp. [Note that as another answerer pointed out, Cp = C as a field, but not as a topological or valued field, which is really a more interesting structure to consider from the viewpoint of intuition anyway.]
For example of some similarities, miraculously Cp turns out to still be algebraically closed, and I believe the same proof goes through for L above. Another property L and Cp share is that in addition to "geometric" field extensions K'/K obtained by considering function fields of plane curves over Fp, there are also "stupider" extensions coming from extending the coefficient field. This is like passing to unramified extensions of p-adic fields, where one ramps up the residue field. (In fact, it's exactly the same thing.) Both L and Cp are complete valued fields with residue field the algebraic closure of Fp. (But the valuation is NOT discrete; it takes values in Q.) There are some dangerous bends to watch out for topologically, however. Some cursory googling tells me that Cp is not locally compact, although it is topologically separable.
In addition, positive characteristic inevitably brings along the problem of inseparable field extensions sitting side L. This is, of course, an aspect where L/K is unlike Cp/Qp. Notwithstanding such annoyances, I would argue that the picture sketched above actually does give an example of an algebraically closed field of characteristic p for which it is possible to have some real intuition.
Dear Alex,
It seems to me that the general question in the background of your query on algebra really is the better one to focus on, in that we can forget about irrelevant details. That is, as you've mentioned, one could be asking the question about motivation and decision in any kind of mathematics, or maybe even life in general. In that form, I can't see much useful to write other than the usual cliches: there are safer investments and riskier ones; most people stick to the former generically with occasional dabbling in the latter, and so on. This, I think, is true regardless of your status. Of course, going back to the corny financial analogy that Peter has kindly referred to, just how risky an investment is depends on how much money you have in the bank. We each just make decisions in as informed a manner as we can.
Having said this, I rather like the following example: Kac-Moody algebras could be considered 'idle' generalizations of finite-dimensional simple Lie algebras. One considers the construction of simple Lie algebras by generators and relations starting from a Cartan matrix. When a positive definiteness condition is dropped from the matrix, one arrives at general Kac-Moody algebras. I'm far from knowledgeable on these things, but I have the impression that the initial definition by Kac and Moody in 1968 really was somewhat just for the sake of it. Perhaps indeed, the main (implicit) justification was that the usual Lie algebras were such successful creatures. Other contributors here can describe with far more fluency than I just how dramatically the situation changed afterwards, accelerating especially in the 80's, as a consequence of the interaction with conformal field theory and string theory. But many of the real experts here seem to be rather young and perhaps regard vertex operator algebras and the like as being just so much bread and butter. However, when I started graduate school in the 1980's, this story of Kac-Moody algebras was still something of a marvel.
There must be at least a few other cases involving a rise of comparable magnitude.
Meanwhile, I do hope some expert will comment on this. I fear somewhat that my knowledge of this story is a bit of the fairy-tale version.
Added: In case someone knowledgeable reads this, it would also be nice to get a comment about further generalizations of Kac-Moody algebras. My vague memory is that some naive generalizations have not done so well so far, although I'm not sure what they are. Even if one believes it to be the purview of masters, it's still interesting to ask if there is a pattern to the kind of generalization that ends up being fruitful. Interesting, but probably hopeless.
Maybe I will add one more personal comment, in case it sheds some darkness on the question. I switched between several supervisors while working towards my Ph.D. The longest I stayed was with Igor Frenkel, a well-known expert on many structures of the Kac-Moody type. I received several personal tutorials on vertex operator algebras, where Frenkel expressed his strong belief that these were really fundamental structures, 'certainly more so than, say, Jordan algebras.' I stubbornly refused to share his faith, foolishly, as it turns out (so far).
Added again:
In view of Andrew L.'s question I thought I'd add a few more clarifying remarks.
I explained in the comment below what I meant with the story about vertex operator algebras.
Meanwhile, I can't genuinely regret the decision not to work on them because I quite
like the mathematics I do now, at least in my own small way. So I think what I had in mind was just
the platitude that most decisions in mathematics,
like those of life in general, are mixed: you might gain
some things and lose others.
To return briefly to the original question, maybe I do have some practical
remarks to add. It's obvious stuff, but no one seems to have written it so far on this page.
Of course, I'm not in a position to give anyone advice, and your question didn't really ask for it,
so you should read this with the usual reservations. (I feel, however, that what I write is an
answer to the original question, in some way.)
If you have a strong feeling about a structure or an idea, of course
keep thinking about it. But it may take a long time for your ideas
to mature, so keep other things going as well, enough to build up
a decent publication list. The part of work that belongs
to quotidian maintenance is part of the trade,
and probably a helpful routine for most people. If you go about it sensibly, it's really
not that hard either. As for the truly original
idea, I suspect it will be of interest to many people at some point, if
you keep at it long enough. Maybe the real difference between
starting mathematicians and established ones is the length of time
they can afford to invest in a strange idea before feeling
like they're running out of money. But by keeping a suitably interesting
business going on the side, even a young person can afford
to dream. Again, I suppose all this is obvious to you and many other people.
But it still is easy to forget in the helter-skelter of life.
By the way, I object a bit to how several people have described this question
of community interest as a two-state affair. Obviously, there are many different
degrees of interest, even in the work of very famous people.
Best Answer
I don't think you can draw something meaningful - I would be surprised if someone made a good drawing of the Frobenius morphism ;).
That being said, here is an example (possibly misleading or unrelated to your research) I saw in the slides of Benedict Gross's lectures on the arithmetic of hyperelliptic curves. Take a prime $p$, say $p=57$, and an equation of an hyperelliptic curve $y^2 = x^n + ax^{n-2} + \ldots$ with integer coefficients. Draw a $p\times p$ square and mark the solutions to the above equation mod $p$. The resulting picture exhibits the following:
You can include drawings of the same curve over $\mathbb{R}$ and $\mathbb{C}$. I think the equation $y^2 = \ldots$ and the three pictures together explain pretty well what algebraic geometry is about without going into too much detail.