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.