Would AC power = VxIxSin Φ be more accurate than Cosine Φ ?

Faraday and Maxwell both agree that voltage must be at right angles to flux/current for real power. 

No, they don't, neither spatially nor temporally. Voltage and current (and their field equivalents E (units volts per metre) and J or D (units of amps passing through a square metre)  will be in phase if energy is not just bouncing about reactively. If by flux you really mean only the magnetic sort, then that is spatially at right angles to current, but temporally in phase with it.

(generally a straight conductor is surrounded by circles magnetic flux, and changing flux will introduce a current flow in any loop of conductor that surrounds it.)

For power to be transmitted without loss, you may have a transverse electromagnetic wave, with E and H at right angles to each other, and also to the direction of energy flow, but they are temporally in phase.  This is storage, not dissipation, and the addition of resistive loss to the transmission line breaks the quadrature.

If you introduce metal wires or plates you can trap the wave between them, and this may be analysed either as a transmission line for a guided wave, or if you prefer may be described by the currents in, and voltages between, the metal wires. 

There are other solutions to Mawell's equations as well, and these explain surface waves, metal waveguides, optic fibres and all kinds of wire and aperture antennas perfectly well. 

I'm unclear what mystery you see in what you title "electromagnetic light" - are you postulating any other kind ?

Mike. 

Thanks Mike,

The problem I am trying to resolve is where do quantum Var's come from? as EM energy is real and needs a 3D volume of something to be absorbed into.

Thanks Mike,

The problem I am trying to resolve is where do quantum Var's come from? as EM energy is real and needs a 3D volume of something to be absorbed into.

What do you mean by a quantum Var ? EM energy is only finally absorbed when it is converted to heat or mechanical motion on arrival at it destination. (or if some of it is lost on the way getting there, but that is just loss, and can be considered to be a little bit of load smeared out along the transmission path  )

Be aware that the photon model, being the quanta of EM, it unlikely to be helpful for any situation where the frequency is low enough that wavelength of Q cycles is long compared to the size of the experiment, At this point field and potential will be the more concise analysis - .i,e, when the photons probabability density does not have its peak and then fall substantially to zero all well within the volume of interest, you can no longer talk about it being 'in' there. If you like a metaphor, it overhangs at the edges.

The energy of a photon is proportional to the frequency it represents, so the product of physical extent and amplitude is constant. (here we mean energy amplitude, so watts not voltage )  The better the frequency is known, the lower the amplitude and the longer the soliton (burst of wiggles) per photon.

Mike.