This article about the English translation of a Russian fan novel written from the perspective of the bad guys in The Lord of the Rings got me to click over. Laura Miller expresses some weird uncertainty over whether it's fan fiction even though it's noncommercial (the translation, that is) and pretty clearly transformative, I guess so that she can anoint it as close to real literature and not just unlikely romance, whereas my reaction was: dude's on LJ! Of course it's fan fiction!
I also wonder what it will be like compared to Jacqueline Carey's spectacular Sundering duology, her version of LoTR from the bad guys' perspective. From Miller's summary, sounds like Carey cares more about gender politics.