I think it makes sense as a strategy to leverage the existing backend with a new frontend that caters to an entirely different audience. If I were building that to attract a new audience, I wouldn't particularly care what current users think. For example, I think it's pretty well known that reddit is much more successful among men whereas women have preferred other aggregators. If executed well, a new view that sidelines the traditional reddit interface could be a valid alternative for people that are turned off by aspects of reddit's community.

I think it depends on whether reddit is being smart (targeting pinterest) vs retarded (targeting 9gag).