There is a logic to all this . . .
My mind is open to possibilities. This film was created for no other reason than the sheer audacity to have done it.
The film is a test for the audience to see how much of the same stationary image they can stand. For those who understand the film's logic, I think the interest comes from attempts to spot the changes, to look for the the lights to go on and off, to see changes in the room as when Warhol and his crew change the reels on the camera (you can briefly see Warhol reflected in the glass).
From an artistic standpoint - and I don't mean this to sound pretentious - I think the film is fascinating because it captures a particular moment in time, it captures the hours between 8:06pm of the night of July 25, 1964 and 2:42am on the morning of July 26, 1964. The movie is one night, one shot, one icon, a sunset and the simple progression of time.
This is one of those things that is found fascinating by those who refuse to be cynical. It's easier to sneer and reflect that it is a waist of time but when you open your mind you find that the film, while stationary, opens your mind.
I would like to own this on DVD or VHS so I could watch it in 15 to 30 minute installments over several days because I don't think that I could sit still with the same image for longer than that. Yet, watching it in installments until I had seen the whole thing I personally could say that I had experienced it.