We study the structure of eigenstates in two-body interaction random matrix
ensembles and find significant deviations from random matrix theory expect
ations. The deviations are most prominent in the tails of the spectral dens
ity and indicate localization of the eigenstates in Fock space. Using ideas
related to soar theory we derive an analytical formula that relates fluctu
ations in wave function intensities to fluctuations of the two-body interac
tion matrix elements. Numerical results for many-body fermion systems agree
well with the theoretical predictions.