Cool idea, although, at least for me, I forsee a few obstacles.
- time—if you assume that the average game takes 40 hours to complete (often a very conservative estimate), that's a great deal of time to commit if you assume a monthly meeting of the group. (Granted, the group may not have to meet every month, but I'd say that you run into danger of losing momentum and group coherence if you meet too infrequently. (Also, what about the fact that many games are set up to provide additional content and story on the second play-through?)
- money—at $50 a pop, you average video game makes even a hardcover novel look like a deal, much less a paperback.
I tend to assume that your average (paperback) novel costs about $15 and takes about 10 hours to read.
Still, like I said, the idea sounds cool, and I've said before that I don't read science fiction or fantasy anymore largely because the Final Fantasy series gives me everything that I look for in a good sci-fi novel. Also, I'd love to hear an in-depth conversation on whether strategy guides are the new Cliffs Notes, or whether so many extended games have become so intricate that strategy guides are now an essential part of the game experience.