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Indie doesn't exist as a separate entity from other kinds of publishing. Heck, services like DTP, PubIt!, and Smashwords entail many similar functions as a vanity press without the fees. Granted, they're using an automated system, and none of it needs to be shipped, packaged, stored, or anything else, but still...
Vanity is seen as so heinous (deservedly so) because it's an avenue of profit based upon selling a product to a market. However, instead of discovering solid material for a consumer group motivated by entertainment desires, it primarily preys upon desperation.
It's definitely a little different from the self-epubbing, but they're avenues towards a similar goal for all parties involved.
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