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Literally just released, I don't think anyone knows yet. Don't listen to people's confident takes until after a week or two when people actually been able to try it, otherwise you'll just get sucked up in bears/bulls misdirected "I'm first with an opinion".
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Looking at the benchmarks, 5.4 is slightly better. But it also offers "Fast" mode (at 2x usage), which - if it works and doesn't completely depletes my Pro plan - is a no brainer at the same or even slightly worse quality for more interactive development.
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Related question:

- Do they have the same context usage/cost particularly in a plan?

They've kept 5.3-Codex along with 5.4, but is that just for user-preference reasons, or is there a trade-off to using the older one? I'm aware that API cost is better, but that isn't 1:1 with plan usage "cost."

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Opus 4.6
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Codex surpassed Claude in usefulness _for me_ since last month
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[flagged]
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For the price, it seems the latter. I'd use 5.4 to plan.
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