For starters, everything being centralised means one party now has control over multiple communities, which allows for censorship that wasn't there in the days of separate forums.
And tying identities together... well that's probably why there's so much drama online now. Because everyone presents themselves differently to different groups in the real world, and the difficulty of tying multiple sides of one person together is what keeps humanity and society sane.
But Reddit has certainly done a lot for discoverability and brining communities together.