Is this new processor capable of achieving reliable and practically useful results beyond the capabilities of classical machines? The answer is almost certainly, no.
As a pure research project with possible implications in the indefinite future, this is very interesting.
The problem is that the US approach to funding research has backed itself into a corner. Every research advance in a technologically relevant industry has to be presented as though a commercial product is just around the corner, because no-one will pay for the research otherwise.
Eventually, though, the market will get tired of the endless unfulfilled projections and you'll get a "quantum winter".
Yes, and this was true starting with IBM Boston. I think anything before Dec 2025 could be picked apart as too noisy in particular due to crosstalk problems, for example on Pittsburgh. From the IBM Boston QPU build to the R2s, the fidelity allows for compute beyond what classical computers can do for quantum applications.
IBM has an advantage tracker that needs more submissions https://quantum-advantage-tracker.github.io/