Don't even concern yourself with what reddit is doing anymore. Just try to build a rich community with content here. It's up to us to make conversation interesting and engaging here.
Reddit is going to go into a slow decline. It's not going to burn down.
What this is actually doing is allowing other general discussion sites to reach critical mass so that people who are sick of reddit but couldn't find anywhere else to go (such as myself) have a choice.
Reddit is like the Wal Mart of internet discussion forums. Some people shop at Wal Mart because they want to, and some people shop there because they drove all the other stores out of business and they're the only place left.