I read it. It really does read like fanfiction. His grasp of Mal, Zoe, and Wash is pretty good, and his River is funny, but the story was a little confusing to me toward the end. I think he tried to do too much with it and please everybody; a good fanfic writer (not an oxymoron) knows when to let certain characters sit in the background for a little while.
I've read worse. I've read better (including a surprisingly-strong Jayne/River story, once upon a time). But it was enjoyable enough to keep me interested.