ED was fine back in the day as a means of documenting drama and various online phenomena such as memes or general events relating to the internet (particularly the 'Chans, since unless you were actively on every board at every moment certain events were easily missed). It was also useful for documenting internet-to-IRL shenanigans (see Project Chanology/Pool's Closed) in an age before Youtube channels like Internet Historian or Mister Metokur were a thing, but as time went on more and more of these events started happening until there really wasn't a set division between online activity and IRL consequences anymore, effectively rendering ED's documentation of online behavior (outside of lolcows) somewhat moot.
What really killed the site though was when whats-her-tits turned it into Oh Internet (fucking RIP to that idea) and everyone had to shuffle a broken copy onto another site while attempting frantically to re-archive everything. So many images and archives were lost or saved only as pissbaby-sized thumbnails that there really isn't any point in using the site anymore. ED is still useful if only for looking at very old archives on ancient, still-active lolcows (which are less and less every year) and babby's first cringe compilation material, but anybody still actively using it to archive new drama are in essence just beating a dead horse and using the resulting twitches and spasms as proof of "activity".
I think it does have some value as a historical archive of lolcows who were active 10+ years ago, but attempting to use it as a platform for modern-day drama makes it fall hopelessly flat, not helped by the fact that every article reads as though it was written by a thirteen-year-old who thinks writing "re.tard" and "nigger" upwards of thirty times a page is pure comedic gold.
Also apparently ED won a People's Choice Award in 2008? Somehow I forgot about that. How far the mighty have fallen.