John,
That is an interesting speculation. If no demosaicing were done, wouldn't it be necessary to have equal numbers of RBG elements so that the colors would be balanced? Wikipedia has an illustration of an undemosiaced Bayer image. Note the greenish cast in the white character shadow areas.
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One of my stipulations was that the CFA on the camera had to match the Color pattern of the monitor. So, the camera in this hypothetical situation would have equal amounts each of red, green and blue pixels. The color pixels would display the luminance as it was witnessed through a corresponding sensor pixel, altered, of course, for color balance (and local color profiling, if the spectral properties were not equal). You could do color balancing, profiling, saturation, etc, without demosaicing.
I'm sure we'll never see something like this, though.
