I really, really like the Mac Pro 7.1. (And going all the way back to the Powermac G5, I have a deep passion for these big "Macs" that sometimes can border on the unreasonable - but that's the Mac Pro for you!)
My workflow is basically video editing with Final Cut, using R3D raw - which is traditionally very GPU intensive and benefits from the W6800x Duo that's in my machine. I also rely on moderate hard drive space for backups and working, and I like them to be fast if I'm using it to edit or move around files.
In my opinion and after various real world tests, the Mac Studio with M2 Ultra finally gets close enough that I'd consider using it for my workflow. Sure, the 28 Core gets beat, but the W6800x Duo GPU is still on average a bit faster for R3D than the M2 Ultra, but it's pretty close now.
I am *never* getting rid of my 7.1 Intel Mac Pro - let me make that clear. I know that if I did, I would just be looking for one in 5 years to have around for "Nostalgia" - even if it's slower. That's the unreasonable side, I have fun with hardware. (I write for Pcworld and Macworld too - so I like tinkering with lots of hardware!)
At the same time, I like to use for my workflow the fastest technology that I can, even if the 7.1 Mac Pro sits idly by looking pretty.
The Mac Studio certainly feels fast in everyday use - just opening up browsers and things like that. Is it night and day vs the Mac Pro? No, the Mac Pro still feel fast too - it feels just slightly faster on the Studio, a minor benefit.
It's certainly quiet - and very small. Fits neatly on my desk, but I don't mind the Mac Pro size, and in fact, the sheer beauty of the design wins over any concerns I'd have with moving it around occasionally. (It's very heavy with the hardware inside)
Right now, here's what is *inside* the Mac Pro aside from the W6800x Duo:
1. Pegasus R4i 32TB raid 5 storage (Great for backups, fits neatly inside, mostly very quiet - but the occasional beep on startup is annoying for sure)
2. Sonnet NVME PCIE card with 8TB of Samsung EVOs in raid 0 - fast, silent, I use this for my main workflow alongside the Mac drive itself which is a 4TB
3. Sonnet PCIE card with 2x 4TB SSDs for more secondary storage in raid
4. Pegasus J2i hard drive caddy, with 2 more SSD drives for more storage
5. External OWC Thunderbolt 3 Bay with more storage space for redundant Time Machine/backups
So as you can see, a whole lot fits neatly into the Mac Pro, and I only have that 1 external backup raid that isn't necessary, but I like the redundancy.
In moving to the Mac Studio, I have to somehow manage all of this externally and see what I can reduce or duplicate.
1. Trying the OWC 4M2 NVME external enclosure - speeds are OK with 4 NVME at 2600MB/s, which is about half the speed of when the PCIE card is in the Mac Pro. The fan is super noisy though, so I have to modify it somehow with a more quiet fan or heatsinks.
2. Likewise, all that internal storage has to now go to more external drives which take up a lot more room, thunderbolt ports, power cables, then the single Mac Pro by far.
That neat little Mac Studio just turned into a 2013 Mac Pro with a lot of cables to external devices, negating the small size and quietness of the unit itself.
Oops, I think I just made the case for myself for the....*GASP*.... M2 Ultra Mac Pro? I could stuff everything back in there aside from the Pegasus R4i Raid, but I could add more PCIE cards and migrate that over to more SSDS or NVMEs..
Or maybe I just keep using the Intel Mac Pro because it's usually faster than the M2 Ultra for my workflow anyway, and live with safari opening up .001 seconds slower vs the M2 Ultra.
What a time to be alive! Your heart wants you to get the new Mac Pro or Studio, but your brain tells you "NO!".
I wish Apple made it easier by giving us irresistible new hardware that performed light years ahead of existing 7.1 capabilities, but alas, it's confusion time for most buyers.
Conclusion:
1.) If I never owned an Intel 7.1 Mac Pro, I'd consider the M2 Ultra Mac Pro because (To my brain speaking now) it would allow a neater, quieter, faster workflow setup with more integrated hardware. Plus it is a gorgeous piece of design that is unparalleled, this is now my heart speaking. While the $3k higher price is spicy, it can be somewhat justified with the PCIe slots and build quality for some.
2. If you don't need all that extra external stuff and can work with the Mac Studio and maybe like 1 external device, it is perfect and performance is a Mac Pro level.
3. If you REALLY want to prioritize saving money - the $3k difference from Mac Studio to Mac Pro is just the start of it. You'd be amazed at just how much more you can save by going to even a more basic Mac Studio, which still performs relatively close to the top end hardware now. Some of us are enthusiasts who take joy in having faster hardware, but it's not always the most logical decision with diminishing returns.