In all honesty I would wait for the next generation.
There's no doubt that this is an impressive chip, but you just have to look at the history of apple products to understand why waiting for 2nd gen is a good idea.
Ipad -> Ipad 2
Iphone 2g -> iphone 3g
apple watch -> apple watch 2.
First gen to 2nd gen has the potential for a huge increase in performance since I would imagine this is the transition where a lot of "lessons learned" will be implemented, considering this is their first desktop implementation of ARM.
That's all true, and if people can wait then it's better to wait (and I'm waiting).
But if you NEED a new machine now, you have two choices (either Intel or M1), and in terms of speed and expected future support, the M1 is likely the better long-term choice for most people.