Quora looks like a nice iteration on Reddit. Reddit should just do a big rewrite to make it look and feel more like Quora. The data model should be able to remain mostly the same, with just some major interface changes, minor feature changes, and major backend updates. It could probably even be deployed in parallel to the existing implementation. Some items that'd be nice are email updates, weekly digests, topic suggestions, anonymous posts, related topics, etc.
I honestly don't think so. There is a lot of value on Reddit, but I bet that 90% of the visits and content are basically memes and imgur pictures. The part that could "become Quora" may die without the other.
I'm a heavy user of both and never made a connection between them. Them are very different I think.
However one thing Quora does way, way, way, way better is your feed (home page on reddit). It's really smart and accurate and unearths lots of great content. Not all of it fresh. Some of it even really old.
reddit should copy that.
Yishan Wong is the biggest power user Quora has ever had, so he surely knows and understands this.