I think lemmy will have an eternal September moment eventually when the platform improves. Mastodons will likely be soon. It's not a good thing nor is it a bad thing. There will be both benefits to it and negatives as well.

A point I haven't seen mentioned yet is the lack of an accessible Automoderator equivalent on Lemmy. Moderators of larger subreddits use it to implement spam filters, remove commonly asked questions, handle multiple reports and sticky important information to the tops of comment sections. Not having a feature like that built into Lemmy can be a dealbreaker for those moderators.

Reddit operates largely exactly as before

And frankly we dont need the larger populace of reddit here, we dont want an even steeper decline of content now do we

personally, i'd go for some stability and allow lemmy to create/develop it's own vibe. it doesn't need to grow and get big. those who seek alternatives will easily find it. let the people come to us.

I put a Kbin and Lemmy community in the sidebar of /r/vexillology shortly after the beginning of the API protest.