I dunno -- I moderated (moderate?) two highly niche subreddits (one had about 15k subscribers, the other 7.5k), and while I wasn't that put off by the drama, it gets to the point where "community" is just more valuable. Have I left Reddit permanently? Not by any means, but I've vastly reduced my usage of the site. We've been seeing a little less activity in those "niche" subs, too.
Not to mention there are highly niche subreddits that don't care about all the drama. Those people will probably stay and be business as usual.
I dunno -- I moderated (moderate?) two highly niche subreddits (one had about 15k subscribers, the other 7.5k), and while I wasn't that put off by the drama, it gets to the point where "community" is just more valuable. Have I left Reddit permanently? Not by any means, but I've vastly reduced my usage of the site. We've been seeing a little less activity in those "niche" subs, too.