FSR 3 is frame generation, similar to DLSS 3. It can greatly increase FPS to 2-3x.
FSR 3 can run on any GPU, including consoles. They made a point about how it would be dumb to limit it to only the newest generation of cards.
Every DX11 & DX12 game can take advantage of this tech via HYPR-RX, which is AMD's software for boosting frames and decreasing latency.
Games will start using it by early fall, public launch will be by Q1 2024
It's left to be seen how good or noticeable FSR3 will be, but if it actually runs well I think we can expect tons of games (especially on console) to make use of it.
AMD has features in yesteryears that it had before Nvidia, its just less people paid attention to them till it became a hot topic after nvidia implemented it.
An example was anti lag, which AMD and Intel implemented before Nvidia
But people didnt care about it till ULL mode turned into Reflex.
AMD still holds onto Radeon Chill. Which basically keeps the gpu running slower when idling in game when not a lot is happening on the screen..the end result is lower power consumption when AFK, as well as reletivelly lower fan speeds/better acoustics because the gpu doesnt constantly work as hard.