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I agree with Worldwalker and Carriebear.
The real difficulty with fan fiction is the same difficulty one finds with any unmoderated fiction - finding the gems amid the dross.
It's there, we know it's there - but sometimes the signal gets lost in the noise.
On average, I would expect one's chances of finding good fan fiction to be slightly better than one's chances of finding a good read on Smashwords - neither may be moderated, but one's more likely to see more comments on fan forums.
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