Digital Adaptations kind of does that. Following Disney's lead the company is taking public domain books and turning them into illustrated interactive content. The idea is interesting and the art is great- which is the biggest problem because I can tell you that good art is not cheap, and they are going to need to sell lots of content or take advantage of the many talented, but underpaid artists out there to make this thing work. I like this snippet from their latest blog post.
Our digital adaptation of The Thirty Nine Steps is complete! And, we’re happy to say that it’s even better than we’d hoped: it is an adventure story that comes with the imaginative pull of reading, the emotional resonance of cinema and the freedom of gaming.
Accompanying screenshot below:
Turning the Pages has a decent article on the company and some release dates. We should expect to see more ventures like this in the near future. It is difficult to imagine that we will not see an explosion of this type of "ebook". What is difficult to imagine is if they will be sustainable and if they will be little more than glorified games.