It is a far cry from Opus 4.6.
Opus 4.6 was (is!) a giant leap, the largest since Gemini 2.5 pro. Didn't hallucinate anything and produced honestly mind-blowing analyses of the collection as a whole. It was a clear leap forward.
Sonnet 4.6 feels like an evolution of whatever the previous models were doing. It is marginally better in the sense that it seemed to make fewer mistakes or with a lower level of severity, but ultimately it made all the usual mistakes (making things up, saying it'll quote a poem and then quoting another, getting time periods mixed up, etc).
My initial experiments with coding leave the same feeling. It is better than previous similar models, but a long distance away from Opus 4.6. And I've really been spoiled by Opus.