What is... Steemit?

Before you say anything, yes, we are on the site. This is more a question directed at the community to see where everyone thinks this website will go as it grows in both users and content. 

Is it a reddit with better payout? Is it a blogging platform that, in the end, will only reach a very dedicated niche of people? Or is it something of a blogging-twitter hybrid (concerning most new posts will only be seen based on the most popular tag)?

What is (Steam)it???

In my opinion many companies are now realizing the ability to commoditize independent content as people are moving away from cable and flocking to the internet, and in turn pumping revenue into twitch, vine, youtube, and similar services. The times are over when an average joe will sit through a 3 minutes of commercials between segments of Silicon Valley or will be willing to hear about the "best plumbing company in town" on a radio adspot. People would rather pay a little bit, directly, for content (and support the creator) rather than see it for free and have to wade through the pain of getting pitched a product every 5 to 10 minutes. 

In this new wave of content product and creation I see the ability for SteamIt to gain an enormous amount of traction, especially if they are able to integrate a clean and intuitive user interface. Where do you think it's going to head?