Of course there's value in a game that's massively enjoyable for one hour. There's exactly one hour of massive enjoyment. I wouldn't pay $60 for it though.

I'm not saying shorter experiences can't be enjoyable, or that they can't be well worth the time and money, but if you want to know what makes for great gameplay, see my comment above. Any game you can't enjoy playing just for the sake of playing for more than an hour probably doesn't have the best gameplay (I'd be hesitant to say it's even good gameplay if that's how long the experience holds up with nothing else to discover mechanics wise), but may have other qualities which help overcome that.