I did that last year to avoid bullshit generated and perpetuated by people I know. This year, I decided to delete the reddit app to get away from bullshit generated and perpetuated by people I don't know. I still consume some bullshit, but I'm getting there.
reddit is an awesome source of information if you subscribe to the good subreddits (i.e. not crowded ones like /r/pics or /r/worldnews). I’ve learnt a lot from /r/photography and got very good feedback when I posted some projects on /r/python or /r/clojure.
If you can compartmentalize, then it's great, however I feel the danger lies in that for every useful tidbit you don't notice the rest of the time it sucks away from you.