It's very good, all new models are excellent but it's still very far from what they presented as a general AI which solves all our problems.
However, adoption in the wider society will take many years or even decades, and 'good enough' open weight models are putting a cap on the pricing. So even though their products are great, the large labs are fighting for survival.
Realistically, each new, better model will only capture a smaller and smaller part of use cases for which existing competing models were not enough.
So in few years (arguably, already started) they are in race to the bottom for service to majority of their customers, and with companies that have far smaller R&D bill.
at the same time, more and more models will be ran locally, and that eats into potential profits of them too
On side note, I wouldn't be surprised if GPU vendors started making DRM for AI models so you could "license" someone's model to run locally for x mil tokens per license...