I voted 'definately NO'.
Sure, it is possible to introduce new ppl to the game, but as an entry level game I count only such games that someone / some group of (younger) ppl who has /have not had any prior experience with the whole type of games sit down with the rulesets and in short order understand the concept and can begin play in about 10 minutes.
I am not even beginning about the whole plethora of books out there which will make some people afraid to even start playing (sure, WE know you don't need all that stuff and understand why, but someone new to the game may not understand this).
Secondly, the game is too complex for ppl where both players AND DM have never played anything similar before.
The intro box is OK as an intro game I guess, but IMHO the addition of the plastic mini's was a mistake. It adds a form of perceived complexity to it that is comepletely unnecessary to explain the concept of a roleplaying game. Also, the intro box is TOO simple to truly intro ppl to the wider game, the jump from the box to the books is too large for newbs...
I felt that the seperation in branding between Basic DnD and Advanced DnD was a smart move. PPl who start with the basic stuff do not feel compelled to go to advanced right away, the similarities are more then enough that the switch is easy, and the basic stuff allowed for plenty fun before a switch was felt 'necessary' by the players and DM. It had its own support in terms of modules and accessories, which could easily be carried over to the advanced games...
All naturally compeletely IMHO...