Been here 6 days and here are some of my thoughts:

Pros:

• the community is great. I've been more active here than on reddit and I noticed people answer your posts/comments more to discuss than criticize your POV.
• it's nice to have a lot of options in terms of instances
• the app is surprisingly good. It's no Apollo/Joey, but for something that's in its initial stages is surprisingly useable
• on browser, kbin.social is nice (I don't use lemmy on pc)
• many of the subs I follow on reddit have their own communities here

Cons:

• it can still be confusing, specially for new members or people who aren't used to how the Fediverse is set up
• I still miss the niche subs I follow on reddit. i know I can start my own but I don't have time nor the experience to effectively moderate communities
• there is, of course, a big difference in terms of activity (again compared to reddit) due to the massive difference in the number of users

Is it a reddit replacement? No. Reddit is too big and established (and mainstream) to be replaced in such a short period. But imho lemmy is a great alternative. Like I've mentioned before, just participating here has drastically lessened my reddit usage. It can get better. I'm excited to see there it goes.

Edit: sorry for all the typos. I'm new at using flosiboard and it doesntl't have spell check yet lol.