The marquee feature is obviously the 1M context window, compared to the ~200k other models support with maybe an extra cost for generations beyond >200k tokens. Per the pricing page, there is no additional cost for tokens beyond 200k: https://openai.com/api/pricing/ Also per pricing, GPT-5.4 ($2.50/M input, $15/M output) is much cheaper than Opus 4.6 ($5/M input, $25/M output) and Opus has a penalty for its beta >200…
There is extra cost for >272K: > For models with a 1.05M context window (GPT-5.4 and GPT-5.4 pro), prompts with >272K input tokens are priced at 2x input and 1.5x output for the full session for standard, batch, and flex. Taken from https://developers.openai.com/api/docs/models/gpt-5.4
I had 4.5 1M before that so they definitely made it worse.
OpenAI at least gives you the option of using your plan for it. Even if it uses it up more quickly.