There needs to be a Mozilla-like foundation that builds a competitive product platform for Fediverse that looks slick, is free of bugs, and matches any additional features that Threads might come up with
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I say we should just let Threads fail through its own doing.
I don't think we should defederate threads. It would only give Meta a walled garden which we will be outside of. Let them embrace us here and encourage everybody to scatter across instances so they can't defederate reasonably
Don't use it.
"Should 'we' do?"
Nothing. If people and/or communities coming in through Threads are engaging in good faith, cool, more nice folks to have a community with. People/communities engaging in bad faith get blocked/defederated as is already common practice (and seems to be working outstandingly already, looking at average quality of posts and discourse "here" as compared to the "big platforms").
When Meta/Threads is hosting communities I like to see/be a part of, I'll figure out how to subscribe/integrate those. Besides that, they're free and welcome to run echo chambers in their own instances and communities, I don't see how any of that would ever show up on my feed.