I think that part of the reason that you don't see a problem is stated right in your post - you never go to HH.
Lots of fun stuff has happened there, and there have been lots of totally fun and utterly pointless and useless threads there. However, when one thread is getting three posts a minute, with the same person posting twice per minute in there sometimes, with the only content being "bump," you can see how the quality and the fun is of a fairly low quality.
I think that this will allow the stuff that some people enjoy but most of us would prefer to skip to continue, but where people can avoid it easily. I generally enjoy HH, but it was at the point where wading through four pages of three-way discussions about whether or not the other people were spammers or not was really not worth the potential to actually find something interesting. If that stuff is gone, then the threads that actually are random and fun, as opposed to being only post-boosting and annoying, can be enjoyed again.
I could be wrong, but with no post-raising incentive, I doubt that some threads will be as popular as before.