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The paper analyzes the average symbol error rate and outage probability of threshold-based hybrid selection/maximal-ratio combining (T-HS/MRC) in generalized fading environments. Using the moment generating function (MGF) method, a unified analysis of T-HS/MRC over various slow and frequency-nonselective fading channels is presented. Both independent, identically distributed and independent, nonidentically distributed diversity branches are considered. The derivation allows different M-ary linear modulation schemes. The theory is illustrated using coherent M-ary phase-shift keying in Nakagami-m fading as an example. It is shown that previously published results are incorrect.