The problem I have with Reddit is that I'm still unsure if it's a positive externality. There's a lot of good aspects of Reddit (discovery, community), but there's so much bad about Reddit that it's impossible to overlook it (abusive subreddits, abusive users, no administrator transparency, etc.)
There's free speech, and then there's the ethics of promoting and profiting off of abusive/illegal content.
My dream startup would be a Reddit-esque link aggregator, which favors the actual quality of submissions, instead of submissions which are lowest-common-denominator which are optimized for the hive mind.