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Video to video is not too special, we've had temporally stable solutions to those for some time now, and they're even in commercially available apps. The real test is true text to video, which is much harder.

To my knowledge, the only open source solution that works well for text to video is Zeroscope v2 XL, and v3 is coming soon. v2 is already on par with RunwayML's Gen-2 while v3 is better.

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Runway runs circles around zeroscope. But that shouldn't be a blocker for zeroscope to catch up and/or surpass. Both runway and pika Labs deliver better quality at the moment. Evidence: struggling with all three of them.

Runway outputs the best video quality and options for video length whilst pika delivers better fidelity to an input image as inspiration. All of this subject to change without notice

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