My money is on the more efficient solution. Even if Anthropic can win some benchmarks by using 3x tokens over 3x time, it is a terrible base to build toward the future. Users are no longer willing to wait exponentially long for linear improvements. And as we see from some of the Chinese models, they can quickly distill frontier models with the tax of being slower and more token-guzzling, while retaining most of the quality. The real differentiators are becoming speed and efficiency, which translate to cost and user velocity more than incremental capability improvements.
It's great that frontier models can solve complex math equations, but bread and butter LLM usage (where the money is made) has already shifted from "I need the best always" to "what solves my day-to-day problems quickly and consistently". Fable usage as a percentage is flat-lining. We are already at the point where output quality is negligible. What wins going forward is cost, speed, consistency and the compounding effects of "softer" improvements to the harness.