This site is, after all, a subdomain of the YC site which is an early stage investment firm. n.yc.com made sense since it dealt with YC company news stories, VC investment, angel investment etc. stories. If you wanted to get funding from YC or wanted to learn how VC investment procedure works, this was a perfect complement to the main YC site. Now n.yc will become another reddit and will get flooded with all kinds of nonsense and will get a lot of "how do I haxor my ex's myspace account" since "hacker" really means cracker to like 99% of the internet population. Instead of spending 10 min to get an idea what the latest trends in investment community are, you'll have to spend 20+ minutes while. As for being bored and you're a startup founder, you're in trouble! And if you're really bored and need to read something, there's plenty of reddit & digg subdomains that are interesting.
This new site will lose focus and will degrade into another digg or reddit. Second law of (thermodynamics) Internet almost guarantees it. Paul, if you want this site to become bigger and grow and become a better reddit and all that, why not get a new domain and start it there? Why destroy what works?