You might say well, it's on the Cloudflare blog so it must have some merit, but after the Matrix incident...
I would instead say that it is written by James Snell, who is one of the central figures in the Node community; and therefore it must have some merit.
I suspect the benchmarks, if not most of this project, was completely vibecoded. There are a number of code smells, including links to deleted files, such as https://github.com/jasnell/new-streams/blob/ddc8f8d8dda31b4b... an inexistent REFACTOR-TODO.md
The presence of COMPLETENESS-ANALYSIS.md (https://github.com/jasnell/new-streams/blob/main/COMPLETENES...) isn't reassuring either, as it suggests the "author" of this proposal doesn't sufficiently understand the completeness of his own "work."