Using a domain model incorporated with a State pattern

There's a task connected with changing state of an entity. And I'm quite confused thinking whether it should be an event-based approach which involves something like CQRS or I can use a State pattern and leave all logic inside the entities.

I have found an article which shows a domain model (or a piece of it) that uses a State pattern: http://www.prowareness.com/blog/?p=1448

Ordering system is quite close to my domain model. So the example is great. But still I'm wondering if it is a good practice considering MVC pattern and if it is possible to implement with RavenDB/NHibernate?

EDIT: question rethought

Let's follow the example:

First, here's a domain entity called Idea:

[Serializable]
public class Idea : AbstractEntity<Guid> {
    private static IStateFactory stateFactory;
    private AbstractState state = new InitiatedState();

    [Required, StringLength(150)]
    public String Title { get; set; }
    [Required]
    public String ProblemContext { get; set; }
    public DateTime CreatedOn { get; set; }
    public Guid InitiatorId { get; set; }
    [Required]
    public Decimal InvestmentAmount { get; set; }

    public Boolean IsInitiated {
        get { return this.state.IsInitiated; }
    }
    public Boolean IsRejected {
        get { return this.state.IsRejected; }
    }
    public Boolean IsUnderInitialAssessment {
        get { return this.state.IsUnderInitialAssessment; }
    }
    public Boolean IsConfirmedForImplementation {
        get { return this.state.IsConfirmedForImplementation; }
    }
}

Whereas AbstractState is:

public abstract class AbstractState {
    public virtual Boolean IsInitiated {
        get { return true; }
    }
    public virtual Boolean IsRejected {
        get { return false; }
    }
    public virtual Boolean IsUnderInitialAssessment {
        get { return false; }
    }
    public virtual Boolean IsConfirmedForImplementation {
        get { return false; }
    }
}

and state factory interface is defined like this:

public interface IStateFactory {
    AbstractState GetState(String state);
}

the final thought is to put the method:

public void AlterState(String stateString) {
    this.state = stateFactory.GetState(stateString);
}

1. Is the design ok? what are the cons and pros?
2. What about extensibility? From my perspective one can extend/implement its own state factory. But if there's a change in AbstractState itself everything changes accordingly.

Thanks!