I guess it depends on how Apple has improved the cores since the launch of the M1. Current estimates say the full 32 core GPU will be comparable to an Nvidia 3070m. So a binned 24 core could get us somewhere around a 3060m which would be a nice upgrade for current base model 2019 16" owners. Of course that's just an estimate based on the tech used in the M1 GU cores.
On the 14", current estimates say the full 16 core GPU will be comparable to the current mid range 2019 16" MacBook Pro with an AMD Radeon Pro 5500M. So a binned 12 core could bring performance comparable to the current base model 16" with an AMD Radeon Pro 5300M. Again just a guess but if that turns out true, that will be a very nice update from what the current 13" model has with its integrated GPU.
CPU power was already fantastic with the M1 so I expect Apple to spend a lot of time talking about the multicore performance and GPU performance of these chips. Who knows, maybe we will get some extra surprises like ray tracing capabilities.