I've been looking for non-formulaic fantasy works semi-systematically for a year or so now, and this seemed like a promising avenue to scout the field. I've enjoyed stuff by Peter Beagle, Neil Gaiman, Octavia Butler, Ursula LeGuin, and Susanna Clarke quite a bit, so I hoped to find some comparable writers in this anthology.
Like most short story collections, this one was hit and miss. Nothing had quite the power or originality I was hoping for. A couple of them were executed with a sense of psychology and inner life that most genre fantasy quite lacks (Jeffrey Ford's Empire of Ice Cream especially, but also Lethem's Super Goat Man, Bisson's Bears Discover Fire, and Swanwick's Edge of the World). The stories were nice enough, then, but in the context of the framing concept and essays, they were kind of a letdown.
LeGuin's essay is a fantasy fan jerk off, praising us for keeping our inner child alive, holding up our heads while stuffy, misguided academics and professional critics ignore, berate, and deride our beloved classics. This jars a bit with the theme of the rest of the book, especially the very good essay that follows it. David Hartwell reviews the history of the fantasy genre better than I've been able to find online, centerpiecing his publishing industry insider perspective on the rise of formulaic multi-volume Tolkien cash-ins. (Apparently Lester Del Rey literally had a formula for these: "a male central character who triumphed over evil -- usually associated with technical knowledge of some variety -- by innate virtue, with the help of an elder tutor or tutelary spirit.") Hartwell attributes to this publishing insight "a wave of trash writing" - which is exactly the thing that caused professional critics to, not wholly unfairly, turn their backs on the genre as a serious contributor to contemporary literature.
In her essay, LeGuin contrasts fantasy with "Realist" fiction, which focuses obsessively on the "inner lives of its characters." Fantasy, in her view, makes the internal workings of a mind literal, exploring some of the same psychologies through a more symbolic or explicitly format. But ironically, the stories Beagle chose for this volume are precisely those fantasy contributions that focus most on the inner lives of their characters. In fact, very few of these stories even approach the cues and tropes that are typically used to define the genre. They are more magical realist, or perhaps "urban fantasy" at best. And unfortunately that makes them feel like Beagle was scraping the bottom of the barrel, grasping at the edges of the genre, to come up with enough material to fill his volume. The editorial selections thus seem at odds with the message of the framing essays, agreeing with the critical establishment that one must avoid the trappings of high fantasy, the medieval setting, the heroism, the warfare, the monsters, even the magic, to write a fantasy story that's worth reading.
Nonetheless, Hartwell's essay was worthwhile to me, and I enjoyed the majority of the stories a fair amount. Certainly worth the time, though I'm not sure I'll be seeking out more by any of these authors soon.