Speaking as a donor who isn't considering "subscribing", others probably felt as I did, that we were donating to help out the reddit team rather than Conde Nast.
I have no interest in paying for reddit on a regular basis and cannot imagine any feature or service they could add that would make me change my mind. A donation to give the reddit team an opportunity to get their heads above water and start making positive progress was what I signed up for.
The last 6 months to a year, reddit has had regular scaling/feature/etc. problems and the communication from the admins and devs has always had the same tone of overwhelm. I'd love to see a site I use so often and enjoy so much get out of that hole and though I don't see this as being the way I wish them the best of luck.
(A bit off-topic but EC2 sticks out as the big money sink they need to fix, the last number I remember them quoting was $200,000 a year for their EC2/S3 usage. I would have loved to hear the money was going to outfitting a few racks and moving things back out of the cloud.)