I would buy it if it was an effective work of art. However I think any game that attempts to exist entirely on its artistic merit would either have to be an indie labour of love like Braid, or be doomed to failure. Given gamings target demographic, any game with a decent budget that relies entirely on its artistic pretentions won't stand a chance commercially. Its a nice idea and some people would buy it, less would understand it, reviews would slaughter it (or try to be intelligent and give it top scores) - and perhaps in the future it would be regarded as ahead of its time.
If a game tries to get itself accepted as art, as fun is the key aim of the medium at this time (don't pretend otherwise), it has to incoporate that into its own gameplay elements to survive. Even if repititive instant death QTEs are used as a reflection on the fragility of life, it still wouldn't be very good as a game. Games that aren't particularly fun stand no chance against the Halos of this world. Although games like Bioshock and Silent Hill 2 did well sales-wise with gameplay that I didn't particulary enjoy (I liked the games overall though).I don't believe games like these are viable on a wider basis until people are forced to re-evaluate how games are played in the mainstream.
So to sum up - the problem is the audience imo. Unless developers are prepared to forfiet sales to cater to a niche audience that appreciates their artistic vanity, its not viable in the current market. Sorry this ended up being about how a game like this would fare in general instead of being my response to the OP's question.
I don't think fun is an issue limiting games though. My favourite movies are those that merge thematic insights with the story, and if games do that with gameplay then although it could possibly be a distraction from serious contemplation ('wow, that was a really effective expression of --- oh a slide, WHEEEE!') its just another challenge gaming has to overcome I think.
To those who feel that games are, or have the potential to be art. Would you feel obliged to buy this game to show the existence of an audience for the product?