ATProto is an interesting protocol and there is lots of room to argue about its plus and minuses (and about Fedi/Masto's), but lots of people are already doing that so I won't.

My concern isn't technology or culture, it's money. At the moment, ATProto is existentially dependent on Bluesky PBC, a venture-funded startup ($100M from Bain Capital). There are people doing good work to make it more decentralized, more power to them, but at the moment it's still deeply centralized. And it's hard to see what the business model is that will support what Bsky PBC does at a global scale. Eventually Bain will want to see a revenue stream that justifies their investment; maybe there's a way to do that that doesn't involve enshittification but it's certainly not obvious.

You can dislike the instance-centeredness of Fedi/Masto (seems to have worked OK for email over the decades) but it's an actual thing that's actually working. And offers account migration without losing followers if you don't like the instance you're on. And has multiple really excellent client software packages. And seems to be covering its costs through a mixture of Patreon, co-operative & nonprofits, some Euro-gov help, all without any VC input. It can't be bought or owned by anybody.

Put another way, this is a really interesting space. But the technology is less interesting than the culture, and the culture is less interesting than the m money.