I recommend this explanation: https://www.astralcodexten.com/p/next-token-predictor-is-an-...
(Note: I don't actually think the consciousness question is the most important one in the near term. Where I think this line of reasoning gets really dangerous is when people use it to assert that LLMs can't or won't engage in certain behaviors no matter much they advance; this doesn't have anything to do with consciousness.)
So for consciousness and LLMs it could be Qualia, lack of semantic understanding, lack of continuity in time, lack of a high degree of integrated causal feedback, etc.
Or perhaps those are just features of human consciousness but not integral to consciousness as a whole. To me this then implies panpsychism to some degree, which I'm alright with too.
But LLMs are only operating on text and humans are only operating on <waves hands>