Question is, how does it compare to AV1?
I guess only time will tell. AV1 is supposed to be 30% better than HEVC and they claim H.266 is 50% better than HECV. This would mean that H.266 is roughly 30% better than AV1. By better I'm always referring to the bandwidth/space needed. But take this with more than a grain of salt since bandwidth/space are only one of many things that matter and also these comparisons are dependent on so many things like resolution…
Regardless, these early performance claims are most likely complete bullshit.