No, there's nothing remotely COOL or WONDERFUL about this kind of hoax. The issue isn't about a 40-year-old woman pretending to be a teenage boy, rather the issue is about a 40-year-old woman pretending to be a transgendered, HIV+, abused, drug addicted teenage boy--and then using that persona to gain access, success, and sympathy from others. Some might love that she fooled "the genius literary elite," but that speaks more about someone's own resentment toward those who've made honest names for themselves as writers, etc.
In truth, it speaks volumes about the writers, artists, publishers, editors, and others who went the extra mile to help a young man pull his life together and get his work published and read. There's nothing cynical about creative people doing that for a person (in fact, I'd argue it is admirable that they would go out of their to do so), but it is incredibly cynical and cruel to take advantage of those intentions. By doing so, Laura Albert has probably made it impossible for a real young person with real problems and real talent to be taken seriously by those who were duped. Her sins aren't in the books or the quality of the writing, but in her intentions to shortcut her success by co-opting the problems of others who rarely have a voice and by lying to those who would seek to help those people. And, of course, don't forget she then went to incredible lengths to discredit anyone or anything that sought to reveal the truth.
In other words, real abused children feel real pain, and stunts like this only serve to avert good intentions that should go to the right places.
So judge the books on the merit of the writing, if you want. But please remember the one unerring mark of a sociopath is, essentially, that they'll try to make you feel sorry for them even as they're screwing you over.