I recently stumbled across this post on Ebert's blog. It has to do with how you can read movies by looking at the frames to see what the picture has to tell you about the characters and the overall narrative, and also how watching the entire frame carefully can teach you not just about the characters but about the making of the film as well. It is most definitely an interesting way to view a film (although since you're pausing repeatedly it takes at least twice as long), and most definitely something that should be done with groups of people.
I once took a class that was a little like this, in fact we watched Citizen Kane (a film Ebert mentions in his post) and lots of other films, but usually just clips or specific scenes for the sake of getting through as many as possible within the semester. It's interesting how sometimes you can read so much about a scene from pausing on a single frame.
While I'd like to attend one of these conferences he mentioned one of these days, it's something that might also make for an interesting film club or something of that nature. It's always interesting to hear what other people's eyes see in movies that we don't. It's also interesting how analyzing single frames show us the work of the director and cinematographer.
Even if you just like photography films can be an interesting art form to study. Frame by frame we are looking at a collection of photographs, sadly once they start moving we always tend to miss something.