She actually originally describe her website as "like a webcomic! Without pictures!"

I think webcomics and webfiction alike are going to come down to the quality, and uniqueness. Most webcomics don't make much money but most webcomics are also crap and/or identical to a hundred other webcomics. I read a sizeable number of webcomics but almost every one of them is a unique genre.

In any case, the main point is that if you've already decided you'd like to hone a craft, serial webcontent provides a way to do so that will get you feedback and provide you with some level of compensation for your work, even if it's not enough to live on by itself.