can I use epdm rubber as siding
 

Aside from the obvious observations that it wouldn't look like other house in the neighborhood, are there any functionality issues with using epdm rubber as siding?

I have a 20 foot high, 32x64 box shaped flat roofed (epdm) house I am building. I am thinking to tack the siding epdm under the eaves and then tack it again at the sill in a 10x21foot strip, then tape the seams. After that I would cut out the window openings and lap seal the epdm to the vinyl window frame

Waterproof, tough, cheap, fast, little effort. Anything I am missing except for aesthetics?

View a walkthrough and a brief look (last few seconds) at the exterior here:
http://engineering.dartmouth.edu/~d30574x/other/MVI_5627.mpg

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House won't be able to breath through EPDM.

The walls consist of (from inside to out): 5/8" drywall, 3/4" OSB, the 3.5" XPS insulation spray foamed at all the joints. Assuming the spray foam stuck to the XSP, there shouldn't be any breathing anyway.

Alternatively, I could leave a small gap at the bottom for air to circulate under the EPDM, but I would rather not if I don't have to.