They might be really intrigued. Ruby could be excited about the new and different story ideas in the fanfiction. She'd probably enjoy the creativity and might even get some inspiration for her own adventures.
There are indeed some. In these fanfictions, it often shows the unique perspectives of team STRQ. For example, they might comment on the fighting styles of RWBY characters, or their relationships. It's a great way to combine the two groups in a fictional scenario. Maybe they'll be impressed by Ruby's leadership skills or Weiss's growth, and their reactions can add a new layer of depth to the RWBY universe as seen through the eyes of team STRQ.
Yang and Blake's relationship could be affected in a positive way. Yang might make jokes about the fanfiction that Blake finds funny, strengthening their bond. Weiss could become more open to different types of stories, which would change her interactions with the team. Ruby would be the driving force in getting everyone involved in the discussion about the MLP fanfiction, making the team more united in their shared interest.
You can try fanfiction websites like Archive of Our Own (AO3). It has a large collection of RWBY fanfictions, and there's a good chance you'll find some that involve team strq watching RWBY. Another option is FanFiction.net, which also has a wide range of RWBY - related stories.
They might be really surprised. Some of the fanfiction could have unique takes on their characters or storylines that they hadn't considered before. It could be both interesting and a bit strange for them to see how fans interpret their world.
I'm not sure of the exact name, but there's a 'Team STRQ Watches RWBY' fanfic that focuses on the emotional responses of Team STRQ. It really digs deep into how they feel about the different arcs in RWBY, like when a character in RWBY is in danger or when there's a big revelation. Another fanfic could be centered around Team STRQ trying to predict what will happen next in RWBY based on what they've seen so far. And there might be one where Team STRQ uses their own experiences to compare and contrast with what's going on in RWBY, which makes for an interesting read.
I'm not sure who or what'strq' is exactly in this context. If it's a person, they might watch RWBY fanfiction if they are a fan of the RWBY series. But without more information, it's hard to say for sure.
One possible reaction is confusion. The future shown in the fanfiction could be so different from what they expect that they have trouble understanding it at first. Another reaction could be excitement. If the future seems full of great opportunities and adventures, they would be eager to experience it. And there's also a chance of disbelief. They might think that the future depicted is too far - fetched and not in line with their own beliefs about how things will unfold.
In 'rwby watches earth fanfiction', Ruby would be wide - eyed and eager to explore every new thing. She'd be constantly asking questions about how things work. Weiss would be shocked by the lack of a Dust - based power system but would soon start to admire Earth's ingenuity. Blake would be drawn to the underground subcultures on Earth, like punk or goth cultures. Yang would be amazed by the variety of fighting styles on Earth, from martial arts to boxing. They all would have to come to terms with the fact that Earth is a very different place from Remnant.