This reminds me of the 2010 Digg redesign, which resulted in a massive user exodus to a much less polished looking reddit...
Reddit is a very "busy" site. But you can do a LOT on it; there's many different features packed into it. The same thing happened over on Slashdot: the old versions had more features, and their "Beta" version tried to "simplify" things which really meant removing features.