Too many people these days are forgetting this key point and putting a dangerous amount of faith in ChatGPT etc. as a result. I've seen DOCTORS using ChatGPT for diagnosis. Ignorance is scary.
But that 1% is pretty important.
For example, they are dismal at math problems that aren't just slight variations of problems they've seen before.
Here's one by blackandredpenn where ChatGPT insisted the solution to problem that could be solved by high school / talented middle school students was correct, even after trying to convince it it was wrong. https://youtu.be/V0jhP7giYVY?si=sDE2a4w7WpNwp6zU&t=837
Rewind earlier to see the real answer
I know plenty of teachers who would describe their students the exact same way. The difference is mostly one of magnitude (of delta in competence), not quality.
Also, I think it's important to note that by "could be solved by high school / talented middle school students" you mean "specifically designed to challenge the top ~1% of them". Because if you say "LLMs only manage to beat 99% of middle schoolers at math", the claim seems a whole lot different.
https://chatgpt.com/share/67f40cd2-d088-8008-acd5-fe9a9784f3...
A human would probably say "I don't know how to solve the problem". But ChatGPT free version is confidentially wrong ..