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TL;DR: this gives Tesla both a die utilization advantage (they can use a billion transistors/gates for real computation, not to handle a complicated instruction set), but also gives them a very significant power consumption advantage, which directly transforms into more performance: the power budget is actually the main performance constraint on modern desktop CPUs for example - only so much power can be pumped into a chip before it melts.
For Wall Street much of the chip design details offered on Autonomy Day was all a giant woosh though - but it gives Tesla a real competitive advantage measured in years even compared to other chip-makers. Other carmakers? This is so outside their usual comfort zone that I think they can realistically only hope that other chip-makers are going to sell a usuable FSD solution to them, and they'll suffer the disadvantages of horizontal outsourcing of a key competency (car computing) for decades. How they are going to train their neural nets I have no idea. Tesla's lead appears insurmountable there.
