I'm curious about your subscription/API comparison with respect to thinking. Do you have a benchmark for this, where the same set of prompts under a Claude Code subscription result in significantly different levels of effective thinking effort compared to a Claude Code+API call?

Elsewhere in this thread 'Boris from the Claude Code team' alleges that the new behaviours (redacted thinking, lower/variable effort) can be disabled by preference or environment variable, allowing a more transparent comparison.