It's not like all forum-software-innovation stopped in June 2005 when the 2 of us launched reddit to the world.
The hard part is going to be quantifying "quality of submissions" in a scalable way. We thought a lot about this and while it's not perfect, the vast majority of content on reddit across those half million communities is indeed good.
It's a fascinating problem that I hope someone can solve -- improve on Steve's hotness algorithm!