I agree with most of what you've said outside of the style issues (they don't bother me).
I can appreciate reddit because I don't always want to curate my own experience. It's sort of the reason why my music player always plays on random. I don't know what I'm going to find over the next hill, that's kind of the point of social aggregation sites.
I've actually been putting a lot of thought into what I want from such a site recently, some of the issues I'm having with hubski have really brought it to the forefront in my head.
edit:
Also, I really really dislike markup as the formatting 'language' for a site. I just don't think it works well, I much prefer using html tags along with maybe some simple markup like asterisks.
My biggest complain is the way it treats whitespace.