Webcam and sound aside, the display specs seems very similar to the LG Ultrafine 5k released all the way back in 2017 for $1299: https://www.apple.com/shop/product/HMUB2LL/A/lg-ultrafine-5k... The Studio Display is an additional $300.
I have two of these. They are plagued with bezel cracking, uniformity, and other issues.
I am guessing this replaces it.
Not really other alternatives out there (displays in 5k).