Personally I am still a mixed bag with the presentation. 5% ahead of the 12900K after a year is a bit meh and it's unlikely the rest of the CPUs will scale much more past 7600k in gaming. Then AMD launching 7950X $100 less MSRP than 5950X might sound great on paper but I get the feeling they are doing that because 13900k will beat it in both ST and MT only a month after it launches. Then you have this whole cheap Z690 motherboards with PCI-E Gen 5 for GPU + Raptor Lake vs Zen 4 + Expensive X670E as none of the launch X670 non E motherboards will have PCI-E Gen 5 for GPU. Not to mention, Raptor Lake having a lot more cores in the midrange than AMD.
Of course on the other hand, Raptor Lake is the last CPU that will be compatible with the current socket while with AM5, you are getting a socket that will allow you to have CPU upgrades until 2025 at least. And Intel did indicate they will be increasing the prices for their CPUs. Also when you do spend the money, AM5 does have much better IO than 12th gen platform.
I'll have to see the reviews but I think if you are on AM4, getting 5800X3D is the best choice than upgrading. You will most likely get 90% of the performance of Ryzen 7000 in gaming without having to pay the new platform tax. Then eventually, you can either get a 7800X3D next year with cheap AM5 boards and cheap DDR5 or wait for Zen 5/Meteor Lake which will be a ground up redesign. If you have Intel or something older than AM4, then it becomes a different story because the last thing you want to do is pair an i3 7300 with a 4080...
PC Specs: CPU: 7800X3D || GPU: Strix 4090 || RAM: 32GB DDR5 6000 || Main SSD: WD 2TB SN850
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