Maybe since I'm not a newbie on HN anymore I'm remembering through rose-tinted glasses and yelling at the kids to get off my lawn.
The things I care about are programming tips, new software, javascript/python/ruby/etc specific articles, new startup companies. There seems to be a lot less of this kind of content and more general tech news, which I can read at any number of other sites.
I don't care about business stories(other than those related to startups) and rumors Techcrunch has started about something.
On the plus side, the discussions that happen in Comments are definitely still good. I would be great if there was a way to get easier access to the comments than the ity-bity link we have now.
I've also twice noticed the same usernames on reddit and HN - and their comments on reddit are more helpful and intelligent than here... Though not a conclusive sample size, it does make me think that reddit's concentration of communities (with subreddits), and the ability to easily skip bad comments (with collapsing [-]) seems to be working.
But I find the stories submitted here are better than on reddit.