This is an agglomeration of several questions, linked by a single observation: SAT is equivalent to determining the existence of roots for a system of polynomial equations over $\mathbb{F}_2$ (note though that the system is represented in non-trivial manner). The reason it is OK to consider more than one equation is because the conjunction of the conditions $f_i(x_1 ... x_n) = 0$ is equivalent to the single condition $\prod_i (f_i(x_1 ... x_n) + 1) + 1 = 0$.
This reminds of the solution of Hilbert's 10th problem, namely that it is undecidable whether a system of polynomial equations over $\mathbb{Z}$ has roots. Is there a formal relation? Can we use the undecidability over $\mathbb{Z}$ to provide clues why the problem is hard over $\mathbb{F}_2$ (that is, $P \ne NP$)? What is known about decidability and complexity for other rings? In particular, what is known about complexity over $\mathbb{F}_p$ for p prime > 2?
The system of polynomial equations defines an algebraic scheme. Is it possible to find algebro-geometric conditions on this scheme, s.t. something can be told about the complexity of SAT restricted to such schemes?
The solutions of our system of polynomial equations are the fixed points of the Frobenius endomorphism on the corresponding variety over $\bar{\mathbb{F}}_2$. There is a variant of Lefschetz's fixed-point theorem which relates the existence of such points to $l$-adic cohomology. Can this be used to provide some insight on P vs. NP?
EDIT: There is an especially appealing encoding of 3-SAT by algebraic varieties. Namely, write an equation of the form $(x + a)(y + b)(z + c) = 0$ for each clause, where $x, y, z$ are variables and $a, b, c \in \mathbb{F}_2$. This seems to yield a non-trivial variety in a natural way, so there's hope non-trivial insight can be obtained from applying algebro-geometric methods.