I have a feeling that Reddit, with its focus on growth of the user base, is just going to play to the lowest common denominator. As soon as it is filled with what amounts to user curated network TV levels of content and the banal advertising mindset that goes with it, it will become Just Another News Aggregator and will not inspire the level of engagement it has enjoyed until now.
Reddit doesn't have a sticky network effect. The content decays. People can easily jump ship.
I don't understand why they are obsessed with raw 'ratings' numbers anyway. Part of what makes their user base valuable is that they are self-segmented -- it is the small, focused communities. Also that they are used to hopping off site then back again to re-engage. They are missing a huge opportunity, not to merely get more people in the door, but figure out how to serve the valuable communities that already exist there.
If they keep staring at that bone in the water and open their mouths to grab it, they will lose the tasty morsel they could currently be enjoying.
What they really need is some people that know how to target ads effectively to small valuable clients and some technologists with the chops to help them make a profit from that valuable connection making. Some deep experts from Google's Adwords team, for example. And they need to make the whole process above board and transparent so the userbase doesn't feel like they are being used secretly. Reddit and their commercial offerings should feel like a partner for users, a valuable available resource, not a slimy shill machine. I think that's possible to do but it is going to take a hell of a lot more finesse and openness than they've shown recently.