I spent a few hours manually deleting all my posts in my subreddit this morning, and changing the name to Deleted. So no going back for me now ;-)
Apart from the attitude, it is just amazing that there was no option for me to just delete my (their) subreddit, even though I'm the creator/owner. I anyway do believe more in the decentralised federated model of social networking.
If there are no active mods in a subreddit someone can go to /r/redditrequest and get it back. If you own a subreddit the best thing to do is private it with only you as moderator, and maybe post a comment every two weeks or so, so you count as "active"