This take from @manton seems wise:
"Bluesky is not federated like Mastodon, but the open architecture that Bluesky was designed around is valuable. It is distributed sort of like the web is distributed even though Google exists and dominates search....
We need to move beyond a Mastodon vs. Bluesky mindset. As I’ve blogged several times, they are solving slightly different problems. We can draw inspiration from each one to make the web more open. I want both to exist."