This week, on Episode 226 of The Drill Down podcast, Devindra, Dwayne, and Andy talk about a controversial new lawsuit that pits Yahoo! against Facebook and a new suggested code for sharing content on the Internet.

But first, the headlines…iPad preorders are through the roof, Instagram teases an Android app, Gowalla shuts down, Microsoft tests a super-fast touchscreen, former Facebook director becomes Reddit CEO, CNN to purchase Mashable, Twitter buys Posterous, and the Encyclopedia Britannica stops publishing.

This week, TDD regulars Andrew Sorcini, Dwayne DeFreitas, and Lidija Davis join Venturebeat‘s Sean Ludwig as we talk to top contributors to Social news site Reddit.com as we find out what makes them do what they do to make Reddit so popular.

But first, the week’s top tech news…President Obama proposes a Consumer Privacy Bill of Rights, Apple acquires Chomp, iPhone user wins $850 in throttling case against AT&T, Apple announces iPad 3 event, Yahoo seeks to force Facebook into licensing patents, Google+ suffers low turnout, Reddit crafts an Internet privacy law.