I collect them all. Just because our favorite character was drawn in a different style doesn't mean they should be shunned. Same thing with bad fanart. Some fellow fan decided to try their best to draw her. Yeah, it might suck. I know I couldn't do any better with hand drawn art.
Where the line gets crossed for me is when you start changing the sex (drawing a dick on especially), and radically changing the character or drawing them participating in unlikely political activities and other events that are totally unlike the character.
Take for instance this, looks very mediocre and the proportions are not on model or aesthetically pleasing. I would never comment and say its shit and refrain from reposting it elsewhere. I am glad someone out there made this picture of my favorite character.