From what I've experienced and read, threatened doesn't always work, making sneak attack feel glitchy.
I'm not sure if it's currently true, but in earlier patches the "threatened" radius (>5 ft) was larger than the "adjacent" radius (<=5 ft). A character who is threatening wouldn't necessarily get an opportunity attack against said enemy if the enemy moved away. I presume that the same holds for sneak attack: a "threatening" ally isn't necessarily close enough to allow sneak attack to function.
Can anyone confirm that the threatened radius is still >5 feet in the current patch?