Old Style for a New Story?

I'd like to get your opinion on something. Do you think there's room in today's literary world for alternatives to the popular fast-paced, minimalist fiction style? Specifically, I'm thinking of a style that emphasizes the richness of the scene over fast-paced action. Maybe we could call it neo-17th-Century. Here's a sample beginning:

Photo: smartdestinations.com

Now it came to pass upon the equinox that the King commanded a gentle mare to be saddled, and compelled his youngest daughter to go forth and ride in the forest for the space of three hours (for the Queen and the King's advisers said, Let her not die in the castle, but instead let her partake of the goodness of the sun and the goodness of the earth, for she hath not gone forth from the castle these six months). And they constrained also the King's son to accompany her, and certain of the King's advisers went also, and certain of them that ministered daily in the castle.