This has a lot of smaller questions mixed in:
- How much metadata should be attached to each story? What, exactly, should be included? How should it be searched?
- Should the site try to help you find good stories? How should it do that?
- Should it hide stories you've already read? If it's keeping track of this information, what other useful purposes could it be put to?
- What sort of registration system is needed?
- What kind of formatting should be accepted for story uploads? Plain text only? Markdown? BBCode? Some other simple markup? Full HTML? Word processor formats (hopefully not)?
Post your thoughts, then pass this on to anybody you can think of who's involved in any fandom. The more opinions the better.
EDIT: That list is a bunch of specific things I'm wondering about, but what I really want are general ideas about almost anything related to the question. Please feel free to comment on other issues.