I'd have no problem whatsoever with it.
As someone who has been in fandom for years, I'd be elated to know that people cared enough about my characters to write fic/draw art about them, erotic or otherwise.
A lot of my current projects do feature small amounts of erotica and/or are for mature audiences (not just because of sex, but because of dark themes)
I'd get a little weirded out if the content in the works themselves were really out there (translation: if they focused on REALLY strange and/or obscure fetishes) but the only situation that would generally make me uncomfortable/kind of upset would be erotica featuring incest, Romanticized Abuse or underage characters.
Generally, if it's sensible, then I will probably like, and yes even the yaoi and yuri, but mostly the yuri. That said, if it's extremely graphic, then I will put it down and use Brain Bleach. I probably brought this on my self, though.
Rule34 I would write a very heavy handed criticism on the work and explain as to why you clearly do not understand and have an appreciation for the source in question.
edited 8th Apr '15 8:16:53 AM by Iakwbos