Its pretty much the same as old reddit, so it is fine. I am sure that there will be addons and stuff to bring back any functionality that is missing.
In terms of the community, it is hard to say - the same subs that I spent so much time and enjoyed so much are either not here or nowhere near as big and developed. I used to spend a lot of time on Formula1, Battlebots, but my account was nearly 12 years old and I had many that I used to visit from time to time for fun. Many of those are just not there in any meaningful way.
It is just going to take time to rebuild, I think.
Someone needs to make an extension that seamlessly manages federations and servers like that, since it is going to be the worst part of switching