I'm linking to Ann Hulbert's article on Young Adult fiction in Slate. I'm one of those kids who skipped YA altogether, moving from The Famous Five to Lord of the Rings, Jane Eyre, and Rebecca. It's an interesting article and after reading it a few times, I have to say I'm on the fence as to what belongs in the high school classroom.
The majority of the college students I teach do read and analyze literature well and they seem to have read both YA and some of the classics in high school. I think the high school teacher in the end is the most important element here.
Speaking of the classics...
Classics Archive is a great resource for kids reading classic works of literature for the first time. The note taking feature is really cool!