If you're talking about the "default" config, then yes, it sucks.
But if you curate the subreddits you follow, you can end up with a news aggregator that is superior to HN...
Furthermore, the more specific the subreddit, the more in depth the discussions become.
The admins have been aware of the problem for two years but haven't cared enough to do anything about it.
It doesn't need to be effective for discussion to be valuable. It can be an effective broadcast platform, or research platform, or...
If you're talking about the "default" config, then yes, it sucks.
But if you curate the subreddits you follow, you can end up with a news aggregator that is superior to HN...
Furthermore, the more specific the subreddit, the more in depth the discussions become.