This both a challenge and an opportunity for Wikidata.
Even though Wikidata has thought through the "data wiki" problem further than most, it's main problem is a lack of instance data, and the root cause of that is that Wikidata has not reached a "critical" mass of content and community participation. There's no guarantee that adding Freebase data to Wikidata will cause things to tip, but it is a good idea.
If you put Freebase in there you are going to expand WD by two orders of magnitude and then you are going to have a very different problem of scalability, both in terms of WD and of those who would wish to use WD. It would be a huge mistake to reject this data because WD is unhappy with the attribution.
From the viewpoint of Freebase users this means things will get worse before they get better; the query interface, data dumps, and so forth at Wikidata are in a relatively undeveloped state, and the tooling to get useful results from WD is not widely available. On the other hand, this may give people the incentive to develop the tooling.
I guess I do have some complaints about Wikidata that may be generic to the kind of organization it is and how it is funded. There are regular uproars on the wikidata mailing list from people who complain that Wikidata is deaf to public input. That was my first impression and I think the business model that it operates at the pleasure of a few big donors and thus doesn't need to listen to the "voice of the customer."
Freebase provided the MQL API, Acre and all that so people had a platform to put data to use. That way Freebase escaped the Cyc trap, i,e, Cyc is a knowledge management system for building Cyc.) Had Wikidata worked on a public API that you could do interesting things with from day one, I think things could have been very different, or if Wikidata had an "internal customer" building and application.
I guess the gauntlet is thrown down for those who want to run RDF-based "data wikis;" I've heard a lot of talk, but now would be the time for action for them because it would be very possible for something based on the RDF-dump to become the dominant fork.