All Things Digital just published a piece on reddit's sponsored links.
In fact, we used the sponsored link with great success last week to point people to scifi.reddit for discussion on the final episode of BSG. There are some links we'd just like to put in front of as many redditors as possible (even though it's not actually 'sponsored' in this case) and this lets us denote that we're doing it.
The results have made Condé “cautiously optimistic,” says Stinchcomb. You can measure that two ways: Click-through rates for the ads are running at about five percent, which is several times more than the industry average. And readers haven’t revolted.
All in all, we're pretty happy with it and the reddit community seems to have picked it up nicely (and, as the writer points out, haven't gone 1776 on us).