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Yes, spiders will be able to pick up the text - it's done by picking it up from the code. However, for safety and visitor usability, make sure your text is enough of a contrasting color, different from any bgcolor used on the page, so that it won't be considered invisible text, and will be easily readable.
It's still a very dramatic and effective type of design, but if I can't read the text or see the links to click on, I'm gone. Make sure and check the readability in different lighting. What shows in bright light might not show if the site visitor is viewing from a dimly lit room.
I have been checking out sites that come up at the top of searches for our relevant keywords and very few of these sites have a 250+ word introduction on their home page.
I had originally designed our home page as just several image map links. Is it really necessary to add this 250+ word keyword intro to the home page?