I hear that this revelation may actually undermine the entire site, legally. In the sense that it may take away the free speech protections that we've enjoyed thus far. It's been discussed that, by the CEO revealing he edits 'users' comments, that it brings the site closer to a commentary more akin to a news or journalistic site that must take responsibility for its published content.

Basically Reddit now can be liable for anything it's 'users' say because content is no longer indistinguishable from manipulated comments. Eg, if a user threatens to murder a public official, it's no longer clear it's an actual user or the CEO. What about actual hate speech. Or posts by say, Obama in his AMA being subtly, or grievously changed.

It's a really tricky and dangerous situation for the CEO of all people to have put his company in.