I don't have a problem with them defining terms because you may have an uneducated person read the title who might not know. I say this because I recommended the manga to a huge Star Trek fan who was not into anime or manga. He read and enjoyed the manga a great deal, but I know that terms like "otaku" and "doujinshi" would be new to him.
Anyway, what bothered me about Genshiken is that early on, the adaptation had a fear of the word "doujinshi" and thus "fanzine" was used mostly. That problem shows back up in the official fan book where sometimes they use "fanzine" and sometimes "doujinshi." Also, there was an "oniichan" joke removed where Sasahara's younger sister refers to him as such instead of her normal, rude form of addressing him. Since the idea of the little sister/"oniichan" fetish had been done earlier, I couldn't understand why it was removed in this later instance.
But those are minor quibbles to be sure. Genshiken is a favorite manga of mine to be sure.
Actually, Tsubasa o Motsu Mono ended in 1998 in Japan, so that isn't new. Hoshi wa Utau (Twinkle Stars Like Singing A Song) is Takaya-sensei's current project. Unfortunately, her character designs make many of her her new characters pretty much look like twins of certain Furuba characters (I haven't been a fan of her current character designs since she changed it a bit before midway through Fruits Basket).
Back when I made a ton of money, I was buying my sister those hardcover volumes since she loved the anime series. Actually, a part of me has sometimes thought, "You know, I wouldn't mind owning the hardcover edition" but then I remeraber that I only have limited dollars to spend so I pass.
I agree that TP licensing a lot of obscure stuff is part of the problem but not all they did wrong.
Regarding Viz, a couple of years ago, one of the powers that be actually had a pow-wow with a fansub group. From what I've been told, it was regarding how Viz handled their manga and anime subtitles, specifically citing Inuyasha (anime and manga) to point out how Viz had adaptations that were all over the place in terms of quality and how that Viz might be better servered by having more otaku-friendly adaptations. To be honest, I didn't think anything would come of it, then I hear about the Honey and Clover manga and the Hayate the Corabat Butler manga and I am floored -- they opted for a more otaku-friendly approach on those adaptations and thus they are in my buy list (this after years of not touching Viz products because of how they jacked up Maison Ikkoku).
Now, that's just one person who's now buying Viz products (me) but with my blog gaining more popularity each month, when I purchase and review one of those two manga volumes, I sing Viz's praises (though I wish they would have translator notes like Del Rey) and have even generated a few manga sales for them.
I've not heard this rumor and I can't imagine FUNimation getting into the manga business unless Navarre bought out CPM or ADV and thus aquired any surviving manga licenses. Even if that were to happen, they might work a deal with Del Rey (since they pimp each others work ) to publish those licenses rather than attempt to get into the manga business themselves. (SHEER wild-eyed speculation, this. )
Regarding TP adaptations...
I agree that they should never have turned their back on that, especially since Fruits Basket proves you don't need that kind of crap.
Still, regarding Del Rey, they do have one translator-adaptor who's works have either attempted to remove Japanese influence or play it down in places because they seem to think that's best. Indeed, for the most recent Negima! volume, this person decided to scrap the word "shundo" which Del Rey had been using and change it from a martial arts technique to a magic spell, thus instantly giving Kotaro, Kaede, and others magical abilities that they don't have. Thus far, Del Rey has not done anything to reign this person in from what I see and that either means they don't know (highly possible that the stuff is just being passed through) OR they are backing down from their "otaku friendly" status, which is what I suspect (all it takes is some new management person who doesn't like that style to change company course, even slightly and I know that's happening in one company so it could be happening at Del Rey too).
The biggest fault for TP's problems can be laid at the feet of Stu Levy IMO. Back when TP first started, the company took a cost-cutting measure and made it work as a marketing scheme -- publish the manga unflipped and don't bother removing all of the Japanese sound effects. Then you give it the "100% Authentic" label and allow your translators to go otaku if they wish on their adaptations (man, I love the twins Aleetha and Athena Nibley because I think they are a big reason that Fruits Basket was such a hit in the U.S. buy not destroying Takaya-sensei's work through domestication). At a time when conventional wisdom said that Americans would never read books backwarRAB and that it was stupid to publish books this way, TokyoPop proved everyone wrong, showing that unflipped manga and otaku-friendly adaptations could be winners.
Once TP took off, Stu Levy became full of himself, IMO. Seriously, when you give yourself the name DJ Milky and pimp something Courtney Love is attached to (Princess Ai) as the future of manga, I see problems. I use the term "pimp" because that's exacty what was happening back then. I ranted about this in 2007 because TokyoPop was putting all this effort into Stu's pet project in an attempt to make it seem bigger than it was when TP's light novel forays like Slayers were getting no attention outside of hardcore Slayers fans. I still think that if TP had put some effort in marketing their light novels (all of them), to include educating the masses that these novels are the originals from which the popular anime titles were adapted, things would have been better. But I digress.
"DJ Milky" is too busy trying to be hip and cool and in the process, trying to make TP hip and cool. That's why their website is so terrible because they are trying to be cool. That's why the heavier domestication others have spoken of earlier in this thead is going on -- DJ Milky is too hip to be square and thus where he goes on the mic (Yo! Fresh! Word, up! "Funky ass-movin' beatz to behoove your groove."), TP goes with him. Add to this all of the other elements discussed (too many niche titles, Del Rey getting the new CLAMP and Akamatsu-sensei titles, etc.) and you have the makings of disaster.
As an aside, I see that Stu is STILL trying to pimp Princess Ai as recently as January 2009. Well, if you are going to put that much time, effort, and money into a project, may as well go all the way.
Can TP recover though? Personally, I think they can IF they get their act together. They still have some good titles (Gakuen Alice comes to mind as a surprisingly fun yet dark manga) that if they focused on marketing them WITHOUT domesticating them or trying to make them hip and cool, then they have a chance. I don't see TP doing that though.