I know that it's a pure intellectual question with no real life use :
HOW does the threshold adjustment work in CMYK ?
And for those who understand anything about it I think there is the underneath question on how photoshop calculate the luminosity in CMYK as the threshold histogram is in fact the luminosity one ...
( Luminosity in photoshop is ColorSpace independant in RGB but i dont know anything about it in CMYK)
If anybody on this one I am curious