The antithesis sums it up pretty well (see two posts above me). I don't think the premise shows any redeeming qualities. Think about what you're doing; you're essentially taking a first-person game and making it into a movie. In doing so, you're eliminating all the good things about semi-omniscient storytelling in movies, while also eschewing the control element of a video game. You basically get rid of the two selling points in one fell swoop. It would be like you put the audience on a rollercoaster which doesn't move.
Here, test your hypothesis; go and watch someone play Halo on XBOX Live for two hours. If you stay awake for that long, you are a champion.
Here, test your hypothesis; go and watch someone play Halo on XBOX Live for two hours. If you stay awake for that long, you are a champion.