When this thing gets 10x better, which it will, it will be capable of passing a Turing test against any human interlocutor. It will also pwn the field at any programming competition at that point, given further progress in areas described in the link at https://news.ycombinator.com/item?id=33914122 .
Massive economic advantages will accrue to the company or companies who control these models -- as in "Awesome, now we can fire a bunch of expensive programmers and engineers." A few weeks ago I'd have said that was the dumbest idea ever. Now it's obviously inevitable.
The C-suite shouldn't get too cocky, though, because it's possible that the lowly "language model" will be better at running the company than they are. New funding and business models can be expected to emerge on this basis.
Things are about to change in ways that seemed absurd to expect just a few years ago, and in areas where even the most well-informed people weren't expecting it. Full access to these models will be a very big deal, almost as big a deal as ownership of money and property is now. It will be very hard to compete with entities who have that access.