The risk in the meantime I are drivers. They failed epically with them at launch and took forever to fix them.
Who's to say they will provide driver updates on a regular basis optimizing for the latest games like Nvidia (not a fanboy, just the card I have).
Personally I wouldn't buy one for reasons here and previous posts. Little effort has been put in. And to top it off, if the partners don't see sales, they will just abandon Intel. While it may be a good fit/value card for some now, long term the risk is drivers.
I'm just not convinced enough effort was put into them to begin with and won't also moving forward.
Their driver team seems to be pretty focused (I am sure they would like to keep their jobs). They aren't going to just stop working. This is a forward facing card, that quite frankly isn't as concerned with running 5 - 10 year old games as much as they are newer games.
As an example, I have seen how an a770 runs Diablo 4: 1440p: 100+ fps, before XeSS. There are fixes for DX9-11 games, the biggest one being DXVK.
Battlemage is a ways out, and current driver development will help with that, even if Battlemage only has 1 card, and is mostly laptop sales. They also have a professional line of Alchemist cards, and those will be supported for years.
Buying an Intel card today doesn't mean you have to buy every single generation Intel makes from this point forward. You buy when you feel you need a new gpu, and you survey the field to see what is available, compared to what you need.
Drivers are a typical Raja Kaduri production - what we are seeing with Arc is the exact same thing we saw with Vega, the card stumbled out the gate with driver issues, but got there over time.
A lot of effort is being put into them, but they did make some sub-optimal decisions in the beginning that bit them in their 4th point of contact. The major one was using their iGPU graphics driver as their starting point, instead of a clean sheet design.
At the end of the day, if you aren't comfortable with one, don't buy one.
In my case, it does what I need (better performance than my last video card, AV1 encoding, and blender rendering) and the price was right.
If all you care about is old (DX9-11) games, go with an RX 6700 - but understand that driver development for that is going to be less, since it is a last generation card, and you will have 25% less memory.
If you want or need AV1 encoding or better rendering performance in blender, a770 has you covered.