Oh, I think it's hurt Reddit more than it seems on the surface. Of course they will say "it's not working" but reading between the lines of this Engadget article [1], the number of ad impressions would be down rather significantly. Note the difference between time spent on site (seeing ads) and "visits" -- many of which were likely people checking on the site rather than participating in the site. I think this is taking a toll, and am hopeful this situation will serve as an example of poor leadership for the next generation (Digg being a previous example).