Not a mod so you might not care about my opinion but...
I don't hate lemmy and hope it will continue to improve but at the same time, I still feel the UI is a bit minimal and lacking on a lot of features right now (TBF probably some of it is me getting used to it still). Some of this works in its favor tho.. like if I created a new account on reddit, I'd have to deal with all the karma bs again before I could even post to most subs. Here, this is my first post on this instance, and no problems AFAICT... which is really fucking awesome IMO. Other things, like how to show all communities sorted by # of subscribers or how I search for a specific phrase in a specific community (like "rootless docker" + "qbittorrent" in c/Piracy for instance), I am still a bit unclear if there is even a way to do that.
I don't see anything overtaking lemmy immediately. kbin is the next closest one I can think of that is open-source + federated and not controlled by a company and I think it is even less smooth than lemmy right now. There's mastodon but IMO that is more twitter alternative than reddit alternative.
But I guess if something came along that checked all the right boxes (foss, federated, markdown, long-form comments, more features, etc) then I would at least be open to considering it.