I think that would be fun-provided the author gives permission and there's actual discussion of the fic,instead of a lot of people trying to out snark each other and the story.
I'd definitely say let it be moderated closely to avoid the discussion crossing the line from discussion to flaming.
And it should be open to all pairings or genres. If someone doesn't like a character,pairing or genre they don't have to participate in the discussion. Or,they could participate in it without it descending into character or story bashing.
I'd like to participate in something like that,thanks for the suggestion!