is able to more or less equal it in most of its mechanics (and far exceed it in some areas) already
Can you please provide some data which led to this conclusion? Big, if true.
Don't get me wrong - I think this is a pretty cool demonstration of end-to-end capabilities. But I think we have to be realistic about actual capabilities and potential limitations.
For example: Someone would have to run statistical analysis on the likelihood of a red light being run in 20 minutes, vs. the likelihood of that happening with V11 in the same period of time. I suspect that seeing that red light issue in a single demonstration suggests that it's likely that performance in that area at least is inferior for V12 vs. V11 at the current time (but we can only say that in a statistical sense - there's no way to know for sure since we know V11 will also run red lights on occasion).
Sure, they can retrain this, but how low can they get the red-light-running rate? How low should it be?
Otherwise, in terms of driving smoothness and other aspects, it's difficult to tell from the video how smooth it was or what the limitations were. We'll have to wait for a better quality video, which may take some time.
Even the "pulling to the curb," while new, did not seem ideal as it seemed to pull over a bit too early (it said 100 feet but might have been as much as 150-200 feet early). There's also not really anything specific to end-to-end that enables this - they could do this with v11 as well, they just haven't done so.
I don't expect this to be released to the public before the end of the year, and I'd be mildly surprised if it took less than six months.
I assume they have extensive simulations (which I am sure they continue to run) showing how much regression there is with this build. It's unfortunate that Elon didn't talk about this aspect of the development process.
I'd be kind of hesitant to get this on my car since it seems much harder to predict with end-to-end when it is going to fail (it's relatively easy to predict failures and disengage with the current build). Fortunately I don't think I'll have to worry about this any time soon!