2) Her catch phrase, the thing she utters in all and any circumstance, is "Holy crap." For example, when she's at the climax, if you will, of an erotic moment with her dominating hero, she will scream "Holy crap." "Holy crap" is never a sexy thing to say.
3) The male character, in turn -- god-like, well-educated, nuanced sex fiend that he is -- often says things like, "You look mighty fine, Ms. Steele. Mighty fine." WHO SAYS THAT? It makes him sound like a cross between Pa Ingalls and the lumberjack on Brawny paper towels. Not sexy. Not one bit, even if you lived in the Pacific NW in the 1800s.
Of course, the whole point of reading these books seems to be to read about Teh Sex, and my recent experiences with George RR Martin convince me that my tolerance level for badly written sex is very, very low. So I don't think I'll be reading this book, or sequels, or whatever.
(Huh...maybe it's the title. Shades of Gray is the title to one of the most loathed episodes of Star Trek: The Next Generation, a crappy clip show that has them drilling holes in Riker's head.)