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I like it. If we assume that schlock fiction is objectively worse in some measurable way, then that suggests it should be easier to generate than works of high literature. I bet with some concerted effort, it would be possible to build an algorithm which digests a bunch of generic fantasy books and produces a tale of an unlikely group of heroes questing for the $object to turn the tide of $conflict.

For generating the epic campfire poems: http://dmatoso.com/manowar-lyrics-generator/

What's the best long-form text generator that can produce something beyond your average CompSci Markov chain results?

You might not need to pass the Turing test, but even getting the "Eye of Argon" out of something random would be pretty impressive.

You can't sell hair metal fantasy any more unless you happen to be named "George R. R. Martin".