Nick Mamatas has some very interesting things to say about literary fiction:
“As is well known, literary fiction is not taken very seriously by superior readers because the form is essentially formula. The protagonists are stock characters, a small handful of dramatic situations are raked over time and again, innovation is despised and mere competence celebrated (literary writing is even called “a craft”, along the lines of cabinetmaking or macramé), and all of the other elements of fiction are subsumed to tedious moral lessons suited primarily to the adolescents and arrested adolescents that read the stuff.”