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If a work is to be considered of a high quality purely on the basis of its limited readership (the logical conclusion of the argument that popular literature is unworthy of study) then surely the best literature is that with the fewest readers of all: that which was never published. Of course the highest accolade would be for the works that were never even written, since they have a readership of one.
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I guess that makes me the greatest author of all time.
I agree with the general sentiment expressed by the Duke University expert and others on this thread. In case anyone's interested (and hasn't seen them already), here are some other discussions that have taken place on roughly the same subject:
Book of the Century?
New Republic Article
Are There Any Valid Criticisms?