Text Based? I don't think so. The audience would be tiny. My partner's 17 year old daughter thinks Plants Vs. Zombies requires too much reading, and the 10 year old just impatiently clicks past any text with out even looking at it. At 10 years old I was playing (and losing at) Zork. Neither of them can understand why I would even have wanted to play such a game. Both would rather watch TV.
The world simply is not the same place is was 30 years ago.
Damn, this makes me sad. Although I've personally seen it happen with a couple of my friends.
When I was playing Super Mario 64 at seven years old, I didn't bother reading any of the on-screen text. I skipped right past it, and understandably so; I was goddamn seven. I didn't care. It wasn't until about ten years old when I made a conscious effort to read all the dialog and text presented to me in a video game. Of course, I've grown up considerably since, and I've matured enough to actually read everything.
For one of my buddies, this wasn't the case. Well into high school (and beyond), he would habitually skip over every piece of text, and every piece of dialog in games. He didn't even bother to read the included manual or documentation. Whenever he got a new game, he'd usually get angry and complain "I don't understand what I'm supposed to be doing! This game sucks," because he couldn't be assed to read the damn instructions. Sometimes I wanted to smack him.
Of course, most games nowadays have tutorials built in that teach you how to play, so it's becoming more of a non-issue. But it bothers me that this is how our younger generation is being raised.