While we can be pretty confident that Reddit has its own motivations (i.e. self-interest) for fighting these lawsuits, this is still a good news story for pirates.
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A rough translation of a brazilian quote for you: "In a fight between these guys, I cheer for the fight".
If the film industry wins that could be a really awful precedent. Just sayin'
It was insane to think they would comply with this to begin with. Downloading pirated media isn't illegal, neither is discussing piracy. What is illegal is redistribution, and good luck proving that on a large scale community like this.
EDIT: These are 2 USA based companies, US Laws apply to this context.