Seems on par with the existing scaling curve. If I had to speculate, this model would have been an internal-only model, but they're releasing it for PR. An optimized version with 99% of the performance for 1/10th the cost will come out later.
At least so far it's coding performance is bad, but from what I have seen it's writing abilities are totally insane. It doesn't read like AI output anymore.
They have examples in the announcement post. It does a better job of understanding intent in the question which helps it give an informal rather than essay style response where appropriate.