I think that building any product that has a lot of user loyalty is a bit like making a sequel to a great movie or video game - people generally want 'more of the same thing, except better and different.'
All of us at reddit work here because we think that reddit is a community like none other. We think it can be a powerful force to change the world for the better.
We stand for free speech. This means we are not going to ban distasteful subreddits. We will not ban legal content even if we find it odious or if we personally condemn it.
With Facebook, you're not really allowed to be unhappy. Think about it: There's only a like button. Yes, you can be angry, but it's only lighthearted rage. On Reddit, perhaps because you can be anonymous, people are willing to be openly sad or angry. They are more honest.
Reddit strives to be a community-oriented link-sharing and news site, which means that all our content is submitted and voted on by members of our community. We don't interfere with that process at all, either in an editorial or curation capacity.
I'm not looking to step in and make 'big, bold changes' - I think reddit is great, and the team has a lot of good features already in the pipeline to improve functionality for users and mods, help with subreddit discovery, improve the API, and help bring reddit to more people.