  Recently, different approaches have been proposed for studying basic
properties of time series from a complex network perspective. In this work, the
corresponding potentials and limitations of networks based on recurrences in
phase space are investigated in some detail. We discuss the main requirements
that permit a feasible system-theoretic interpretation of network topology in
terms of dynamically invariant phase-space properties. Possible artifacts
induced by disregarding these requirements are pointed out and systematically
studied. Finally, a rigorous interpretation of the clustering coefficient and
the betweenness centrality in terms of invariant objects is proposed.
