If #Twitter does merge into the network, my guess is it will (a) happen fast — like, within the next year, and (b) put an end to the social media reshuffling phase we've been going through since October. #Bluesky instantly reached critical mass; people will get to use "Twitter" while credibly maintaining they're not on Twitter. No fediverse project will be able to count on growth by matching Twitter features. Better to start focusing on what differentiates fediverse services from Bluesky.
One hugely important question that I don't see being asked (perhaps because not many people have worked through the implications) is: Who gets to be a #Bluesky indexer? Theoretically, any entity that can maintain one can run an indexing server, but are there controls at the account server layer to allow or deny indexers access to the data coming through that server? What's to stop, say, a Cambridge Analytica or the CCP from mining all of the data on the network for political use?