I look at the video games as art debate like I look at every other media: just because something's capable of being art doesn't necessarily make it art. I don't think Transformers 2: Revenge of the Fallen is art. I don't think Twilight is art. I don't think anything Jackson Polluck ever did was art, and I don't think Bubble Bath Babes is art.
That doesn't mean I can't enjoy things that aren't art. I like Piet Mondrian's paintings (he painted the first link Aussie 2B gave us). I don't think it's art--it's stupid--but I like the way it looks. I don't think it's worth a million dollars. I don't think it's worth twenty. But when I was a kid I was obsessed with geometrical shapes so it resonates with me. I would never hang it up in my house--I don't want to be associated with the kinds of people who would. Those are the kinds of people who like Andy Warhol.
Hell, look at Gradius IV. It's a wonderful game that does very little to move the genre, but it does what it's trying to do well. Does that make it art? I don't think so, but it's a great game.