Not that I've found. It's not so much that it's cutting edge, but more user abilities. The thing that reddit has that makes it different from other sites is that any user can create his/her own section of the website to focus on aggregation and discussion of a certain topic at any level of obscurity (ex: /r/picturesofiansleeping), and at the same time hold a certain level of anonymity that allows users to be comfortable enough to share their honest opinions.

The problem with this is that there's no way to have quality control over the site, and that's because it's almost impossible to set standards at such a level of user freedom. Ultimately we're left to mods (who often don't moderate out of fear of user backlash) and users (here is where the flaws in the voting system fit in) to be in charge of quality (upvoting/downvoting from users, approving/removing/setting rules from moderators).

If another site were to be created in the sole purpose to compete with reddit on the same level of user freedom, it would have to do something similar to the submission ranking described here, but in a way that users couldn't easily abuse (imagine a post being ranked by comment quantity and a user using hundreds of dummy accounts to comment on that submission, that wouldn't be a good thing).

What's more likely to happen is that the default subreddit "community" (aka the hivemind) will get angry enough at certain moderators/site design changes, find a new website and take its mentality over there (google search "digg exodus") leaving the people who've been trying to use reddit as an aggregator all along.