Web Fiction Guide

"Web Fiction Guide is a community-run listing of online fiction. We list anything that is original and story-oriented (we don’t list fanfic or erotica), and that is available to read for free online. As with other online media (blogs, webcomics, etc.), some of it’s good, and some of it’s not. Our goal is to help you find stuff you want to read."

WFG allows user accounts, ratings and reviews. It also has a pretty snazzy discussion forum for both writers and readers. Really, the go-to place for Web Fiction.