Eh, kinda. Newsvine was a mix of syndicated news and user-produced articles (think bleacher report for news without paying the writers). It went to hell when MSNBC.com bought it in 2007.
The problem with Reddit is upvotes encourage sensationalism (that's what Reddit is, after all), but there's no feature to reign it in or induce some sanity. That's why having a fact check built in is critical.