Past that, since democratizing the plot would almost certainly yield a regression to the lowest common denominator, it seems like a really fun way to ruin quality television.
It's hard enough writing a single good plot, let alone multiple plots that have to branch from each other. Plus it's much more expensive (many more scenes filmed per show), and it kills the shared experience between viewers.
I like the idea, but I'm not sure people are able to tell in advance what will bring them the most entertainment.
Maybe it could work for something with a small cast and with only studio locations, but even then it's a big risk.
You get 30+ hours of ad-free gameplay (that's > 60 half-hour TV shows), PLUS the chance to replay and experience a new story. (Good) RPGs are the best bang for your buck entertainment-wise.