No, it does not set a precedent that gives the reddit community too much power over the company. First, there is an implicit assumption in this question, that it was the reddit community alone who caused Ellen Pao's departure. That hasn't been established, and it is probably unknowable, other than through rumors.
According to Ellen Pao herself, she resigned. There was tremendous pressure for her to step down from the reddit userbase, including a petition that reached 200k+ signatures: Ellen K. Pao: Step down as CEO of Reddit Inc.When I asked her directly if she was fired, Pao laughed and said, “Thanks for getting right to the point,” but again underscored that she resigned. Reddit board member and Y Combinator head Sam Altman answered more definitively about whether she was ousted: “No.”