Between this and the fact that r/AdviceAnimals is apparently back with Reddit moderators, I think Reddit will go on. They own everything and can re-open every subreddit whenever they want. Many of the more technical/informed Reddit users will remain absent from the site but the bulk of casual users will likely remain. Whether the content that's left will satisfy them remains to be seen.
Agreed. Any big migration won’t be felt until looking five years in retrospect.
I dont know if we have to wait that long. We have seen how a shake-up in some mod structures has changed the quality of a subreddit. Imagine that over multiple big subreddits. It could go really fast within a year.