Indeed, there are quite a few of us who have read it and even read it multiple times. I'm currently reading all of the sidestories right now.
Novel? Yes. It is lengthy enough to surpass most modern novels put out by big name writers, it is also high enough quality of writing for it to be worth reading.
The original FoE actually made me cry at one point. That isn't easy to do.
When you do finish FoE go to FoE: PH (Project Horizons) which is an official sidestory that was approved by Kkat and written by Somber. PH is currently at least 3 times as long as the original and is almost done being written. By the time you get to the end of it, it should be finished.