The form of this kind of social media has got the same set of upsides and downsides as it does on Reddit. It won’t be exactly the same because the people are different, but the problems aren’t that different and the people aren’t that different either.
As a mostly lurker I find the experience pretty similar. I scroll through and find some interesting articles, bits of news, memes. It’s a slower pace, but I think in time it'll grow faster. People migrate over occasionally, but there may be a critical mass moment when it’s big enough that lots of people start flooding over. Or it won’t and it’ll just fizzle out to nothing over time, who knows. For the moment it’s good enough for me to have replaced Reddit entirely.
As for things that are better: you get a lot more control over how you want to experience it. There’s no singular controller always dragging the experience down toward profitability. There are clients a-plenty, the api is open, you can control what parts of the network you see and which you don’t. It does take some effort, of course.
As for worse, because there’s no singular entity controlling the network, there’s going to be some very dark corners. You can block them (many will be blocked by individual server operators already), but they’re still there and they get to carry the Lemmy name and newcomers are most likely to experience it.
Just my thoughts on the subject, it’s been discussed a lot, I’m sure other people have quite different perspectives.
That narrow band of survivalists who are not unnaturally interested in fire