It's both on my Mac Mini and my MBA (both M1). It work great on the Mini. I think bluetooth work, but I have no use for it and have never checked. Everything works great as far as I know (even virtualization with qemu). I don't game on it, so can't say anything about that.
As for the MBA, suspend is still a miss (I read that the asahi team can't get certain devices to go to deep sleep, so they chose a safer low power mode instead). The lack of DP over usb-c is a bit annoying, but I mostly use the laptop display on macOS too, so I don't really mind. I think thunderbolt is not there too, but I have no thunderbolt devices (dock or storage). It boots very fast, but I'd recommend against KDE as the MBA gets hot with it. I'm using Sway. I heard about microphone issue, but I've never used it for calls as I have a usb one on my desktop.
The installation process is as easy as something done in the terminal can be. It's pretty much guided (just make sure you have enough space for the installation). If I had to redo it, I'd choose the minimal installation as I don't like KDE that much and it was some pain to remove it.