The Guardian has posted an interesting piece asking Is speculative fiction poised to break into the literary canon?
The short answer is No. Not yet, at any rate.
The article makes a case for many considerable works of literature produced in SF and by SF writers, and points to the ongoing strength of SF, particularly in the UK, over the last decade.
Whether SF can break into the literary canon, however, raises too many questions to even be contemplated here (not the least of which is that, based on the evidence, it has already). Perhaps the more critical question is can the literary canon break into SF? Is it enough to stalk the boundaries between genres, or is it possible simply to thread one within the other, imperceptibly?