This is the end of Web 2.0. There will be a blip on signal/noise ratio (which wasn't that great to begin with, 99.9% of UGC is trash anyway) as procedurally-generated content floods sites with even more nonsense – and then once they become unusable (reddit already is), the next crop will pop up.

I'm long on people with great taste, trendsetters and commentators, editors, and curators. They'll be the vanguard of this next iteration of the internet.