So funny you started this thread because last night I was thinking about starting one lol
I only learned the other day that 50 Shades started out as fanfic. I then decided I needed to read it. You are right Hannah in that the author isn't the greatest author alive, but if you look at the romance/erotica genre it doesn't have an incredibly high standard for literary genius. There are things she kept doing that really bugged me like the really high-brow dialogue with words no one would ever use, the fact that she points out the time of year all the time (i.e. It was a warm Sunday in May) and the first couple of chapters end really abruptly. Her writing does get better though and I have to admit she's a better writer than Stephanie Meier!
The book wasn't as smutty as I had expected since the media was calling it "mommy porn". It took almost 80 pages before there was any nudity, so to speak.
What really bugged me, and maybe it's only because I knew going into it, was that it was so OBVIOUSLY Twilight fanfic. Yes, there are no vampires and it was AU fanfic to start but there keep being these moments that are clearly ripped out of Twilight. It's much worse in the first book than the second.
Although it brings to light that there is publishable fanfic out there will it not also bring to light that this woman essentially stole someone else's characters and is now profiting off them? Or, because it's alternate universe, is the distance enough?