Similar to Windows Blue which is Windows 8.1, Windows Threshold is the upcoming update to Windows 8.1 that will be coming in sometime next year. The previous news might have said that the product will be released in Spring two years later according to Mary Jo Foley but now, it looks like it will have additional features.
Speaking of additional features, there will be the return of Start Menu and the allowance of Modern apps on the desktop. It may be useful for desktop and laptop users but then, there were already third-party apps that are similar. It's way obvious that Stardock had made those emergency enhancement programs for Windows 8 users that Microsoft had seen them like they wanted to add their own versions of those features officially.
In fact, the Windows Phone devices still haven't got the Blue update until sometime next year and we can imagine that they will get the Threshold update the year after the year of Blue update.