Reddit wants IPO. Badly. They want to show potential investors that they're solvent. To this end, as Google did nearly two decades ago, they will monetize every inch of their user base and application -- that includes access to their data.
But Reddit is on thin ice -- as MySpace, Digg, del.icio.us all found out and as Twitter is finding out.
Why? Reddit doesn't have any asset of intrinsic value. Reddit don't have sought after intellectual property. Reddit doesn't produce any goods. Reddit's value is the community and the data they bring. When they antagonize the community, they are antagonizing what is keeping the lights on for them.