Yes it probably would. The API is also accessible from client side javascript. So you could create admin pages in 100% javascript like in HiFi.

Admin pages are one thing, but with VIE you can make content also editable right where it is. See for example what we did with Midgard:

http://bergie.iki.fi/blog/introducing_the_midgard_create_use...

I really like the constraints you set on your project: "Build a CMS, no forms allowed". Aloha and other wysiwyg editors can hide the CMS almost totally. Using RDFa to store content is not a bad idea.

If you're interested in integrating VIE into that system, then the EU-funded IKS Project might be able to help you with that: http://www.iks-project.eu/get-involved