There was a similer film made quite a few years ago , again from japan. I think it was this
http://www.imdb.com/title/tt0161635/plotsummary but it was def one of the Guinea Pig films. It was responsible for a copycat crime. Some guy saw the film, kidnapped a girl slowly cut her up while she was alive and posted video to her mum. Films like this can influence certain types of people to do sick stuff and for that reason alone it should be banned.
On a personal level I see no reason for anyone wanting to see this but if they do then thats up to them. Nobody should have the right to say what films someone should or should not see however banning this is the right choice - it will stop it easily getting into the hands of children.