Up on the Hero Complex blog is an extended version of a Q&A Scott Timberg had with novelist Michael Chabon:
Timberg asked Chabon what the consequences were of this bias against genre, and the author responded via e-mail with this:
I think the worst consequences are:
1) Wonderful, serious, sophisticated writers who would appeal to a broader audience get stuck in the genre ghettos where "mainstream" readers seldom venture.
2) Writers of "mainstream" fiction whose taste as readers runs to genre fiction (SF, horror) feel shy or hesitant about attempting to write what they love, for fear of being dismissed or, perhaps, perceived as dabbling.
3) The range and depth of literary criticism is narrowed and reduced; after nearly 50 years, people are still talking about Kingsley Amis' "New Maps of Hell" as if there were something remarkable in a "serious" critic writing about [science fiction].
4) Less fun is had.
The rest is here.