“Karma” is just a counter of a user’s recieved votes. It still exists on lemmy, most clients just choose to not display it.

Also where is this “value content” supposed to be?

Yep, someone already posted the link and OP has fixed it. My previous comment is obsolete.

See the link above for more details.

You forgot to include the link.

Well, I strongly disagree right back.

Especially smaller instances regularly have reliability or federation issues, so it’s vital for me to be able to hop to an alt account and still get the same all feed.

Ok, but then this should be a seperate feed from “all”.

Has anyone else noticed how painfully similar the “All” feed looks across different Lemmy instances?

Yes. That’s how it should look.