Unfortunately I'm not privy to whatever improvements ReadySet has made in the past two years, so I can't comment on differences between ReadySet and Materialize. Perhaps Jon can, though!
I've been following the space since a bit of time, and I must say it's exciting. To me this is the future of apps where the Truth lives server-side, and everything reacts from there; With partial state evaluation lowering resource consumption to a minimum.
Kafka Streams and Apache Flink seem to be focused on real-time analytics, and I wish they'd get there to stimulate the space.
Are you affiliated with ReadySet?
Some context: https://twitter.com/jonhoo/status/1511401461669720068
Basically, I co-founded the company around the time I graduated, but had had my fill of database research after six years of PhD. So I joined AWS to work on Rust while Alana (the CEO) took on leading ReadySet.
Our official docs also have an aptly-titled: "what's the catch?" section: https://docs.readyset.io/concepts/overview#whats-the-catch
Which mean read might return stale data because of the replication lag.
It will also increase the load on the server you read the replication log from.
But the primary database could dump the transaction log to (S3/kafka) and have ReadySet instance read it from there instead of directly from Primary database.
So for a read mostly website (hackernews/reddit) this is indeed a free lunch.