lol "some" is an understatement. but then again its objective on how obscene it is b4 its actually classified obscene.
The main problem the US companies have with fanart is that the artists are "technically" earning money from images which the companies hold the licence to, therefore, the fan artists are technically stealing the company's sales revenue. which is to me, a whole load of bs.
So screw the legal system.
I wonder if you could argue that fanart (in some forms) could be a parody or a satire of the anime/manga, and therefore somewhat legal?
For example, alot of the anime clubs make badges that kind of satirise a series (alot of JAUWS's badges and stickers come to mind). I wonder if the chibi-fication of serious characters (like say Death Note) could classify as a parody/satire. Or, just for our yaoi-hime, could you argue that Lelouch/Suzaku yaoi is a satire of their seemingly gay friendship?