I like the idea in a way. I mean...what if I want to jump to a specific part of the game and I handily didn't keep a save before it? To use a PC example...Diablo II. There was a (rather hidden) way to start in any Act of the five in the game even with a new game, and you started with a general level and unspent skill and stat points. The highest you could get this way was level 33 in the last act of the game. Naturally, zero quests are done, and once you go back to the starting act, you're trapped until you progress normally, but as a whole, you're able to experience that Act without too much trouble (just that you're naked unfortunately).
Something like that wouldn't be too bad. I mean, it could be done in the terms of Zelda (spawn Link in a dungeon with all of the relevant equipment and a modest amount of Hearts/extra junk, like in a demo disc) and other games too. Just...maybe it'd be nice if you didn't get the full ending sequence if you skipped ahead. It'd be interesting if the entire story was removed, so it's like a "lite" version of the game.