People are overlooking the CT saying its a lifestyle vehicle. Its gonna be lighter (unibody, structural pack, megacastings), more efficient (triangle for aero), and have better range per cost of vehicle. That has to mean something for fleet managers looking at cost.
The design looks avante-guard from a consumer perspective, but its a result of making it more functional and easier to manufacture which is hard to argue with when your using for business even if you think its hideous. I think the f150 will compete for sure but its traditional branding and smaller bed will probably attract more consumer oriented existing pick-up owners. City people will continue to buy model Y because they have to run errands in tight spaces.