It absolutely looks like Twitter, with people posting both text and image based posts and others replying (in a thread). You can repost each thread and share it over DM as well. When viewing someone’s profile specifically, you can see their threads as well as their replies to people.
It’s unclear if this is just due to the early access, but it appears that those names, handles and verification ticks do come across, but not follower account, unless this unlocks at launch on Friday.
Interestingly enough, you’ll be able to follow and interact with people on other fediverse platforms including Mastadon as well.
“Soon, you’ll be able to follow and interact with people on other fediverse platforms, such as Mastodon. They can also find people on Threads using full usernames, such as @firstname.lastname@example.org.” states a note on Threads.
Just like Twitter, you can also dictate who can reply to your thread, be it anyone, profiles you follow or those that are mentioned only as well.