Downsides of infinite scroll:
- Requires JavaScript (adds complexity, especially when site doesn't already require dynamic rendering)
- Loose/unpredictable UX behavior can be discomforting (loads when you don't want it to load, doesn't load when you want it to, scroll bar suddenly changes size, etc)
- Reloading the page/clicking the back button loses your position
- Monotonically-growing DOM slows things down eventually, unless you start de-rendering previous "pages", which adds even more complexity and unpredictability (Ctrl+F doesn't behave as expected, for example)
I think it can make sense for some things, but not for a simple and stable website like HN. Even for something like Twitter I wish they hadn't added it.