Not exactly useless. Mac Pro has SIX (6) PCIe 4.0 slots, and we can expect Gen 5.0 upon the next refresh, plus Thunderbolt 5.
Expecting Thunderbolt v5 is basically a given since the M4 class so far have it. However, PCI-e v5.0 not so much. There is nothing indicative of M4 family so far to suggest PCI-e v5.0. Thunderbolt v5 is in no way technically dependent upon PCI-e v5. Two different standards. The version numbers are not required to match up.
None of the slots of the MP 2023 are feed directly from the M-series SoC package. All the slots are feed through a PCI-e switch. It would be extremely easy for Apple to change the backhaul between the SoC and the switch to v5 and the rest of the slots stay at exactly the same v4 peak throughput they have now. What would get is a more balance provisions overall max throughput. For example two x8 PCI-e v5 would be better overall backhaul bandwidth than x8 + x16 PCI-e v4 which have now . ( that upgrade would be basically equivalent to two x16 PCI-e v4 ).
Dual x8 would be more bandwidth at better Performance / watt for the overall package. That is pretty much the formula that Apple has be following along the M-series evolution. And the fact that the M2 had a asymmetric backhaul provisioning is indicative that there are constraints (balancing needs for other subsystems on the SoC chips. ).
If the rest of the M4-family doesn't have PCI-e v5 at all then easiest path for Apple would be just to keep the same set-up as before. Or a some kind of aggregate bandwidth uplift so get better balance across the slots.
Those slots allow for truly massive internal SSD storage, and interfaces that move data much faster than even 10Gb Ethernet. Just because you don't use that does not mean there is nobody who does.
There are bigger software/firmware problems there than hardware. Apple needs to address those first.
M4 Ultra's GPU cores are predicted to match the performance of NVIDIA's RTX 5090 GPU (which NVIDIA's RTX 4090 can also claim as well), and Apple has a lot of headroom for performance uplift in future generations. Plus, six PCIe 5.0 slots offer the tantalizing possibility of Apple producing M4 Ultra (or even successive generation) systems-on-a-card,
There isn't going to be six times PCI-e v5 bandwidth going to be there. The number of lanes coming out of the SoC package is going to be limited. ( at best 32 and very likely less than that. )
using the Mac Pro case as an enclosed cluster for applications, such as artificial intelligence, that lend themselves to distributed processing. The Afterburner card was a preview of that possibility.
Afterburner was more so a wide distribution beta for putting video encoding onto the Apple Silicon itself. (throughly work out the bugs before putting it on a die that is harder to 'fix' in the field). Afterburner got
subsumed over time. It is something that harbingers less slots ; not more slots.
Apple isn't particularly trying to put "AI" into slots either.
If wanted to do distributed processing across all of the slots in a Mac Pro then more backhaul bandwidth is the short term need. That doesn't necessarily mean PCI-e v5 to a single slot. If looking at aggregate across all of the slots then more to distribute to multiple PCI-e v4 slot would be a substantive improvement.
Mac Pro doesn't have a 1300W power supply for no reason.
It is cheaper because it was already there in the MP 2019. That power distribution is not out to the slots though. The aggregate AUX power distribution went
down relative to the MP 2019; not up. The design suggests that Apple put that power in reserve for themselves (Apple Silicon) and not the slots. Eventually if there was something bigger than an Ultra in power consumption they wouldn't have to change as much.
If M4 Ultra does match RTX 5090 performance, NVIDIA has a serious competitor.
Not really a serious competitor even if got close ( which very likely will not outside of some 'cherry picked' select benchmarks). Nvidia is pragmatically banned from the Mac market. So there are extremely few (growing closer to zero over time) Nvidia cards in the Mac market. So the M4 will displace no Nvidia cards there.
The M4 Ultra will be soldered to a Macintosh. In the overall Windows PC market that natively boot Windows (or Linux) the M4 Ultra also doesn't even compete.
You have to directly compete to be a competitor. Unless Apple creates a M4 Ultra on a add-in-card there isn't going to be much competition in the general market.
I think NVIDIA may be at apogee now.
In terms of the hype train. Perhaps. On top of the GPU market is more blurry. Depends upon if another hype bubble pops up and whether they are first one to catch the major tailwinds there.