don't get me wrong, it's still a massive upgrade from the pre-sonnet era, but i still don't think it can take a high-level requirement and convert it into a working project... yet
(1) Sure, it can tell you how to write new code in response to a prompt about your current local problem, but
(2) can it reason about an entire code base of known and unknown problems, and use that basis to figure out solutions to the unknowns such that you delete code and collapse complexity.
The software equivalent of realising that if you subtract xy from this:
x2 + 3xy + y2
(x + y)2 + xy
Can code at mid-level now. Almost.