It's a great start, much of the reason I haven't used ETH as much in the last few years was the gas fees. If they want to stay competitive with Solana they have to increase the speed and lower the fees, a great move in my eyes.
I remember back in the day when I ran an Axie scholarship program. The ETH fees were insane, up to $90 for a transaction. I still have my ETH and haven't sold it, but it's been sitting unused for a long time now...