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This is the first major redesign in 10 years, I'd say they aren't doing it just to look hip. Additionally from the few screenshots I have seen, it doesn't look like even the most casual of users will have to re-learn everything.

I agree with your argument that redesigns should have a purpose, but I disagree that the argument can be applied here.

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They weren't doing it for 10 years because they were terrified of becoming digg and giving users a major gripe. They're already inserting a lot more ads into the feeds, so they're on pretty shaky ground.

Last I checked reddit's reasoning for the redesign was that their current codebase was difficult to work with due to "the lack of separation of the frontend and backend code"

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