A lot of people dislike it for the privacy nightmare that it is and feel the threat of an EEE attack. This will also probably not be the last time that a big corporation will insert itself in the Fediverse.
However, people also say that it will help get ActivityPub and the Fediverse go more mainstream and say that corporations don't have that much influence on the Fediverse since people are in control of their own servers.
What a lot of posts have in common is that they want some kind of action to be taken, whether it'd be mass defederating from Threads, or accept them in some way that does not harm the Fediverse as much.
In order to compete in user experience we need to up our game. We need to set up communities which collect, categorize and funnel user requests upstream. These features should be focused on:
reducing frictions like unclear UI, broken links, etc.
improving usability of the various web frontends (the one from Lemmy, kbin, etc.)
collecting bug reports and making sure they will be fixed
This is meant to be a proxy between average users and tech enthusiasts who know how to do pull requests or open GitHub issues. Moderators of these communities would do it for them. This would enable us to gain visibility in the needs of the users.
This is only a part of what needs to be done, but I think this can be done quickly.
Lemmy doesn't need to compete. Hell, it can't compete. It's an open-source platform developed basically as volunteer work. Meta (and Threads) has millions of dollars and massive teams behind it.
Thankfully, we don't need Meta. We just need to do what we can to resist. The best we can hope for and what we should aim for is to limit the impact/damage Threads will have on our segment of the Fed. How to do that, I'm not sure exactly, but my first instinct is to block off anything corporate. Any interaction at all is basically just asking monied interests to take over.