Not exactly revolutionary, but a large incremental gain across many fronts with Cobalt being dropped, the Graphite anode is being replaced with Silicon, the tabs are being dropped which reduce costs and formation of hotspots, and the larger size overall benefits capacity and costs.
The new design is 56% cheaper to produce and needs about half the real estate to generate the same power as a 74 kWh Model Y battery pack.
The redesign also means it could well exceed a 1 million mile lifetime use, with 94% of its life being retained after 4,000 charge cycles. It will also allow for a far faster charging time of around 15 minutes.
Solid state batteries should be the Holy Grail of batteries (long range with less fire risk), and they are in limited use, but the cost factor right now is too exorbitant for EVs and a breakthrough in that aspect is still needed.