It's good. I can say that right off the bat. I enjoyed reading it. The author clearly knows a lot about comics, and the stuff behind the screen, as it were. Though the names are all changes (I wager to avoid copyright) it's really obvious to a comic book fan. (For example, the hot new English author Nigel Cardew took a new direction with the dark hero Moonman, by having his sidekick Comet killed.) The basic plot is, a gay author takes the character of Princess Paragon (very obviously Wonder Woman) and makes her a lesbian. This doesn't resonate well with a certain close-minded fanboy, who decides to do something about it.
My only real problem is some of the characters. I try to think of them as archetypes and icons, because they aren't very realistic and don't represent a three-dimensional person in any way. It works within the text of the book, but it's pretty annoyingly smug now and then.
Would the book appeal non-comic book fans? I think so, yeah. You definitely don't need any knowledge of comics going in, and while you might miss a couple references, I promise you it's nothing important to the story.
LJ spelling suggestion of the day: for fanboy: 'rainbow.'