I like the idea of federation, but worry about three things:

1. What happens when the instance I'm a part of pulls a Spez? With a federated system, it's easy enough to join another instance or spin up my own. However, it now means that I've got to keep an eye on dozens of community policy statements instead of just one, and none of these tiny fiefdoms are large enough yet to have dealt with the moderation growing pains that truly sink sites.
2. How do they get paid? If even a small fraction of Reddit migrates to Beehaw, we're talking about several orders of magnitude more server fees. What does it mean for data privacy when all these fediverse sites finally start thinking about sustainable funding models? What does it mean for moderation when Beehaw is large enough to attract bots, shills, and corporate interests?
3. Privacy. The only thing keeping posts and DMs private in the fediverse is a handshake agreement that if you run an instance, you won't leak things you're sent from the other instances