The excellence is there.
But, one thing has been consistent for the past 3 years: After every release from all the serious competitors, the hype can go either way.
As far as the hype cycles go, OpenAI is oscillating between "Best model ever" and "What a letdown, it's over" at least twice a year.
The competition is fierce, and a never-ending marathon of all the players getting ahead just a bit. No clear long-term winner.
OpenAI has no real moat. Anthropic is focusing on developers as a clear target, and Gemini has the backing of Google.
I don’t see OpenAI winning the AI race with marginally better models and arguably a nicer UI/UX (ymmv, but I do like the ChatGPT app experience).
That said, my usage decreases month over month.
Based on the 'code red' they declared, this model seems to have been rushed a bit.
The excellence is there.