It's a story. And it's got (quite large) holes.
Sloan has comprehensively explained the "whyness" of this piece on Cheryl's blog, and as usual it was a very interesting read.
I know he is not happy with what he sent for the Giant and probably frustrated about it, but I think that it has actually been received very well by the people who got it, as far as I know. I find it very unique, a perfect translation of his state of mind at that moment, and it has generated very interesting responses and interpretations. Isn't that exactly what art is about?
I have to check if there's really a hole under that tape....