I go to reddit for two very different reasons. To unwind and just read interesting and unexpected stuff for a bit or to get into thoughtful and interesting debates. If I am in an unwinding mood I wouldn't want to deal with the /r/place debates. If I want to debate it would be awesome.
Then there are people who live their whole lives in places more extreme than either of the moods I described.
When the stuff was confined to /r/place, I was definitely fine with it. Bus as I said to someone below about /r/2007scape, I go there for OSRS content, not /r/Place content, which is what that subreddit devolved into. There was even a fairly popular thread about getting a filter for /r/Place content. I'm not devaluing the idea of /r/Place content, I just wish it would have been contained elsewhere.
Depends on what you get out of Reddit. Are you there for the content aggregation or the communities? I imagine those wanting to enjoy content weren't all that happy with the tangent. We've known for years though that community websites become useless on April Fools anyway.