Neil of Erk wrote:
What you're talking about is very close to a Catholic concept...the name escapes me, but the basic idea is similar.
What I have to say is, close, but not quite, in my opinion. 
"I Am" is said because God doesn't have a "was" or a "will-be", he is outside of time (he created it, after all) and experiences everything within time at once. Thus, "I Am" is the ultimate claim of God-hood because only God can claim to be outside of Time.
Mmm ... Catholics can say something like that because they accept the traditions of the Church (including the Septuagint) as at least nearly as authoritative as Scripture. For Protestants, however, drawing any conclusions from the particular phrasing of the Name which Moses is instructed to convey is far less reasonable, since Hebrew doesn't have a verb "to be" at all, and (from what my dad---who took a course in Hebrew while he was in grad school, and remembers enough to consult the original text and the relevant reference books for OT questions---says) their notions of verb tense don't map at 
all cleanly to ours. (I've heard of it being translated "I will be who I will be", or even more speculatively "I will be with you.")
Neil of Erk wrote:
As for being "drawn in" to God's "Is", the truth is not that we exist within God but rather that we exist within God's Will.
I've formulated my position on this before as something like: "God exists whether or not we say so; we exist because God says so."
Neil of Erk wrote:
And there couldn't be a grey area. Something either is or is not. Technically, by definition non-existence doesn't actually exist. There is only that which is. Non-existence is a convenient conceptual place-holder.
Well, there's "that which was, but is not" and "that which is not, but may yet come to pass," and the notion of things existing 
as ideas as orthogonal to their existence 
as physical objects.