I laid out definitions of "decentralization" and "federation", and Bluesky meets neither, without major rearchitecting or moving the goalposts on those terms, which I cannot accept.
However, "credible exit" is a good goal for Bluesky. Bluesky created that term and it's a good and feasible goal.
I laid out a strong critique, but let me end on a call to empathy.
Bluesky is built by good people, and the fediverse is built by good people. Neither reflect the designs I presently would like to see today, but ultimately these are built by humans trying their absolute hardest.