I just read it and agree that some fanfics are awful, but there are a lot out there which are amazing too.  I don't think it's a waste of people's efforts either, there are far worse hobbies out there!  I bet there are loads of writers out there who started with fanfics.  Before I discovered fanfics, I hadn't written anything since I was a kid, and it's something I enjoy in my free time, it's not harming anyone.
I have no idea what shipping is.
I've not read/written in many other fandoms as I don't have the passion for it like I do with BSB.  I've done a BSB/Supernatural crossover, a Twilight one shot and a few Take That stories.  But I have read a few Twilight ones which were far better than Stephenie Meyer's stories.  I do love Twilight, but parts of it I wanted to shake Bella.