TL;DW:
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FSR 3 is frame generation, similar to DLSS 3. It can greatly increase FPS to 2-3x.
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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.
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Every DX11 & DX12 game can take advantage of this tech via HYPR-RX, which is AMD’s software for boosting frames and decreasing latency.
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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.
You aren’t going to use these features on extremely old GPUs anyways. Most newer GPUs will have spare shader compute capacity that can be used for this purpose.
Also, all performance is based on compromise. It is often better to render at a lower resolution with all of the rendering features turned on, then use upscaling & frame generation to get back to the same resolution and FPS, than it is to render natively at the intended resolution and FPS. This is often a better use of existing resources even if you don’t have extra power to spare.