Conclusions
Bluesky is built by good people who care, and it is providing something that people desperately want and need. If you are looking for a Twitter replacement, you can find it in Bluesky today.

However, I stand by my assertions that Bluesky is not meaningfully decentralized and that it is certainly not federated according to any technical definition of federation we have had in a decentralized social network context previously. To claim that Bluesky is decentralized or federated in its current form moves the goalposts of both of those terms, which I find unacceptable.

However, "credible exit" is a reasonable term to describe what Bluesky is aiming for. It is Bluesky's term, and I think Bluesky should embrace that term fully in all contexts and work that they can.