This is actually a more ambiguous question than it sounds. For example the structure, let alone the contextual jokes of Ulysses are probably mostly lost on a modern audience even of literature undergraduates [1] as the curricula have shifted away from the classical texts that used to underpin a "liberal arts" education (there are only so many hours in the year).Anyone else think they're pretty good at typing and can probably re-write Master and Margarita if given a copy?
What is left is an almost religious worship of the work and belief, rather than understanding, in its justification (IMHO and from limited interactions). And to those who do not subscribe to said religion it all appears a strange, neverending ramble that ought to be easily imitated.
[1] although T S Eliot's own, contemporary review of the work complains of exactly that...