As of today, Mastodon users can follow Threads users that have opted in to Fediverse sharing.
Threads users can see who follows them from Mastodon.
Threads users can see likes from Mastodon.
Threads users cannot follow Mastodon users yet. It should happen eventually, but clearly there is no date announced yet.
Depending on who you followed on Twitter, there’s no single place they all went. When I moved, many went to Threads, a couple to Mastodon, some to BlueSky, and some to multiple.
Sports teams seem to be particularly slow to move, but I’ve seen a bunch start to cross post more to Threads now instead of just Twitter. Not everything yet though.