I doubt a computer generated story could bring the same kind of creativity and interest a story written by a person has. But if they included an event calander with Elemental as well, one that records a variety of information, tech research, battles, victories, defeats, heroes recruited and their advance ment, quests, etc, with filters so that the player can exclude items based on when they occured or the type of event, I think that would be fantastic.
This event log would make a good back bone to write a story off of, and the story writers of the community would probably appreciate it.