Where we stand right now:
Reddit fired Victoria, their AMA liaison. She was extremely well-liked and, up until recently, very good at her job.
This act of admin bullshittery has served as the tipping-point on reddit, as now hundreds upon hundreds of mods are shutting down their subreddits as a show of solidarity. Most of the subreddits going dark are small and shitty, but a number of high-profile subreddits have gone dark. You can watch in real-time as mods either throw their hat in with Victoria and shut down, or take the bitch route and stay open -->
[live] Victoria's Secret/AMAgeddon