Here's an archive link to the mentioned r/Funny's letter.
List of demands
However, we have the following requests:
- Commit to exploring ways by which third-party applications can make an affordable return.
- Commit to providing moderation tools and accessibility options (on Old Reddit, New Reddit, and mobile platforms) which match or exceed the functionality and utility of third-party applications.
- Commit to prioritizing a significant reduction in spam, misinformation, bigotry, and illegal content on Reddit.
- Guarantee that any future developments which may impact moderators, contributors, or stakeholders will be announced no less than one fiscal quarter before they are scheduled to go into effect.
- Work together with longstanding moderators to establish a reasonable roadmap and deadline for accomplishing all of the above.
- Affirm that efforts meant to keep Reddit accountable to its commitments and deadlines will hereafter not be met with insults, threats, removals, or hostility.
- Publicly affirm all of the above by way of updating Reddit’s User Agreement and Reddit’s Moderator Code of Conduct to include reasonable expectations and requirements for administrators’ behavior.
- Implement and fill a senior-level role (with decision-making and policy-shaping power) of "Moderator Advocate" at Reddit, with a required qualification for the position being robust experience as a volunteer Reddit moderator.
I personally don't think that Reddit will do jack shit, except maybe find some vague pretext to replace r/Funny's mods. However, given how reasonable those points sound, even the non-compliance itself will damage Reddit. It's a great Morton's fork - damned if you do, damned if you don't.