NPR did a good segment on Bioshock Infinite arguing that it's art (note though if you're playing through it and want to be totally unspoiled, I recommend waiting till you finish, it doesn't spoil any details but hints at where it's going in broad strokes): http://www.npr.org/blogs/alltechconside … ragic-play
They similarly have a really good interview with the game's creator Ken Levine: http://onpoint.wbur.org/2013/04/02/bioshock
Having played through it myself, I certainly think it qualifies and put it on the level of the "smarter" blockbuster a la Inception or the Prestige. Like in those movies there's logical leaps, but the scale and ambition of what it tries to do is so awesome, that I can mostly forgive it. In fact, I'd say its stronger than Inception, because the overarching story of the world and the character's personal journey are well tied together thematically, whereas Inception's overall plot about competing oil company executives is largely pointless.
That's judged against the tougher standards of the film medium though. Judged against other video game narratives, which are almost uniformly terrible (at best they just successfully ripoff an existing movie, see Uncharted = Indiana Jones, at worst they're completely non-existent), it's a fucking masterwork. That they managed to spend 4 years and 100+ million dollars and make a game that feels this personal, detailed, and thematically rich, is crazy.