One major thing missing with Reddit is the focus on geographic locality. BBSes had more of a community feel because 99% of the users were local, and this was enforced by financial reality. Few people in the 80's or 90's wanted to call long distance, unless they were distributing warez at someone else's expense (in which case they probably weren't reading and posting messages anyway!)

You can get "some" of this feel from the state / city focused subreddits... but... it's still not the same.