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2) What's the problem with exploiting that formula for writing (or success in general)?
Fiction is successful based on what people will buy. It's fine to mourn the passing of great or classical literature, but I can't say that I have a problem with someone getting rich on frivolity. (I wouldn't be surprised if the person who invented silly putty made more money than the guys who pioneered the internet. Which has had a greater impact on the world?)
I say that without having read even a sampler of the book, though... I may be singing your tune if it's as bad as everybody says! 
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