If twitter survives, community notes could usher in a golden era of truth on the internet imo. On a recent podcast w/ lex friedman, Elon explained how Community Notes works and it's pretty ingenious.
In short, from what I understand, each community notes contributor is vector mapped based on their biases/contributions. Now, the only way for a community note to appear is for contributors who typically disagree with each other (based on their vector mapping) to both sign off on that note. I'd imagine in the future (or maybe it's enabled now), these contributors would be "power ranked" so a newbie contributor couldn't community note a member of congress or something.
As Elon said, this will lead to hoardes of people leaving twitter because they cannot handle community notes.