Reviews are decidedly mixed. It's really quite interesting, though not at all surprising - many of the reviews are intensely biased, in both directions.
For example, one reviewer (at tomsguide.com) claims that the new chip "toasts" the M3. This is based entirely on MC results, mostly a GB6 result that's ~18% faster than the base M3, and a handbrake encode that's ~7% faster. He prints, but doesn't much discuss, the fact that the M3 SC result is ~22% faster than the Elite, which is much more relevant for most people.
On the flip side, I've also seen reviews that completely panned the chip (and the containing laptops) because of compatibility issues with some games, which is I think foolish, or based on GPU performance, which is somewhat more reasonable (and something that I think will remain an open question for a while).
I'm happy to say that I called this exactly right. QC really embarrassed themselves with their claims to beat Apple, overclocked their chips at bit for their early demos, and failed to deliver... but not by that much. They can't compete with the M3, much less the M4, in a like-for-like comparison, on either performance or power, even taking into account process differences.
HOWEVER... in terms of market relevance, that means very little. On price, they *are* competing with the base M3 (in the air or base Pro 14"). And looked at that way, they are quite reasonable, and a real option for the relatively few people who are OS-agnostic. They seem to be an excellent buy for Windows buyers not doing serious gaming, though that's of less interest to me (and presumably to a Mac-focused group like this forum).
Apple may not care enough to do this, but they should redo Boot Camp, at least for their M4 MBA and MBP when they ship. The base M4s slaughter the Oryon on singe-core, and will comfortably beat it on most multicore (though some extremely parallel codes like Handbrake and Cinebench might still give a small advantage to the Oryon... time will tell). If the WoA market takes off, Apple will be strongly competitive in the mid-range and completely own the top end. Nothing could come even close to competing with the M4 Pro, much less Max, assuming relative positioning in the M4 line is similar to M3.
I'm going to make a follow-up prediction now. QC will NOT close up the single-core gap with the M3 in their next generation. They won't have a clear win against the M3 even in the THIRD generation, though I hope they achieve parity, at least roughly. M5 will ship before their second generation, and it will slaughter QC's high-end chip on SC and beat it on MC even with the base version. BUT... QC will do well over the next year because, despite their lame attempts to look better than Apple, what they really need to do is be better than Intel and AMD, and they probably will be. New Intel and AMD chips will be improvements over their current offerings but won't close up the gap entirely. The generation after that... will be interesting.