(This should probably be in meta, but I'm not sure how to post to meta. Feel free to move if needed.)
Imagine tomorrow someone writes the best ever LW2.0 post and everyone upvotes it. How can front page visitors read that best and newest post? They must scroll down (no posts are visible above the fold) and then click (no posts are expanded by default).
Attention is a key scarce resource for incentivizing good content creation. Our current front page is an attention firehose pointed away from the best newest stuff. Where does it point instead? 1) Eliezer's sequences, which are finished, so we incentivize nothing. 2) SSC, which already gets a ton of visitors and where only Scott can post anyway, so we incentivize nothing.
Compare with how other websites do it. Reddit and HN put the best newest stuff at the top, though you have to click. Old LW used to put the best newest stuff at the top and expanded by default, so you could check the site first thing in the morning and get the awesomeness. SSC does the same.
Even worse, we have /daily which is more readable than the front page (you don't have to scroll). And getting a post into /daily doesn't require upvotes. The incentive gradient for writers is nowhere to be seen! On old LW, getting my posts promoted to Main felt special. On LW2.0, several of my posts were front paged and curated and it didn't feel special at all.
The best use of the attention firehose is incentivizing good content creation. We should make the front page work like a blog, with the best newest entries shown at the top and expanded. Move the sequences and SSC into a sidebar, like every other website does for good reason. Then we might finally enjoy some actual competition for the front page, which would be a good thing.
Yes, that's a great explanation.
There's a small caveat though. You say the current front page incentivizes #1, but actually it just recommends people to do #1, there's no incentivizing. On the other hand, if you had a front page giving tasty attention to the best attempts to build on the sequences, that might incentivize all of #1-#4 better than our current front page. And focusing discussion on a few posts would make comments get more votes on average, increasing incentives for commenters as well. I think pre-2011 LW got all of those right, except the curation for Main wasn't responsive enough.