With tera being gone for a number of weeks, I think we've had enough time to get at least a basic analysis of the threat levels of some Pokemon and abilities themselves, without the question of whether it's tera pushing them over the edge or not.
So I'm making a call out post on my Twitter dot com. Flutter Mane, you are broken. Fr though, it puts unbelievable pressure from the team builder to team preview to in battle. The standard SFLO set is as we know, quite powerful on its own, but it generally is healthily answered by any Ice Scales mon that isn't hit for SE damage by its stabs. However, Flutter's near-unmatched speed and surprisingly good special bulk allows it to run a myriad of sets which all require different answers. Dazzling to stop one of the few reliable ways to offensively check it, CM+Pain Split or Mold Breaker to check nearly every defensive Ice Scales user, Regen to mitigate chip, even Fur Coat as we've seen above to turn it into a wincon that isn't dead to most physical priority.
It already has the stats, typing, and neutral coverage to be a threat, but having to account for all of its sets and never knowing what set it's running until it's possibly too late, is unhealthy in my humble and nonprofessional opinion. That's not factoring in the RNG of SpDef drops from non SF sets, which are becoming significantly more common especially at high ladder where Flutter users know SFLO is often prepared for and can easily adapt and run alternatives thanks to the sheer amount of options it's afforded and its excellent stats.
As for other threats, I think Tusk, possibly Kingambit, and maybe Hands are worth keeping an eye on. The prominence of special ghosts means Hands always has to be careful if it's Triage, and FC and Regen are checked by many strong special attackers, but it can either be a mon that potentially 6-0s you or stays alive for eons and all sets can set up with either Iron Defense + BP, or SD. With the right trends though, it has potential to be a menace. Tusk is incredibly versatile as it has tons of options much like flutter, but with more exploitable speed and no recovery to aid setup. It can run Regen, Stakeout, Mold Breaker, Adapt, etc and excell with all of them thanks to its massive physical bulk, huge attack + good stabs, passable speed (which can become much less manageable after a Spin), Spin and Knock access, and its ability to beat common spinblocker Skeledirge, though I'd say the latter is pretty good considering GaG Dirge strats are fairly toxic themselves, as someone who's used it a few times before. Kingambit has a very clear weakness that it no longer can just make disappear, and it's notably destroyed by Tusk. It is, like the others, versatile. FC/Scales + Lefties, Adapt, Mold Breaker, RegenVest + Metal Burst, etc. It has a ton of potential to reveal itself as broken on the right team and is made stronger with Flutter being able to switch in on every fighting type and KO them, creating 50/50 "will I won't I" situations. However, I think we need more time to evaluate it and if Flutter goes imo it'll be a lot less good.
More than any pokemon currently used though, I think Flutter is worth a suspect. You NEED at least 2 answers to it if you don't want to lose to one of its many sets. And that's what imo sets apart all the best threats from the good ones: versatility. Bundle is still strong but it's significantly more manageable with tera gone and still has trouble with DesoLand fire types. Unlike the other threats I listed, it is NOT very versatile. Adapt or PrimSea, MAYBE Snow Warning + Veil. You know what's coming and if it uses something else, then it's a huge trade off often not worth using. That means less pressure on team builder, way less pressure when it's revealed at preview. Flutter? The sight of it means you have to be extremely cautious from the get go until you're confident in its set, assuming you didn't find out too late.