Edan Lepucki posits that literary fiction is indeed genre fiction and lists its attributes:
1. The Long Title
2. Adultery
3. Scene, Exposition, Scene, Flashback, Scene, Cue Epiphany
4. A Dog barks, someone eats a watermelon, a car drives away.
5. The plate drops!
Full Story: Literary Fiction is a Genre: A List
(via Coe)