First off, NVENC is gone. Instead of 4x 1080p @ 30 (HEVC) that the Jetson Nano could do with GPU acceleration, this one can barely manage 2x 1080p @ 30. Apparently, too many people (myself included) used the Jetson Nano as a cheap camera recorder.
Next, price went from $99 for a Jetson Nano to $299 for Jetson Orin Nano.
And lastly, they now advertise 40 TOPS for Jetson Orin Nano but that's measured at 50% sparsity and for INT8... So it is in no way comparable to the 0.5 TFLOPS that a Jetson Nano has, which was measured at dense FP16. And the fact that I can't find any FP16 number for any Jetson Orin device is not a good look.
In summary, this looks to me more like a TPU than a GPU, because they moved from FP16 to INT8 precision. That makes this much more similar to the mini PCIe Coral priced at $25 delivering 4 TOPS dense. Compared to that, Jetson Orin Nano is 5x faster and 12x more expensive.
EDIT: In case you're wondering why I care about INT8 vs. FP16: The Jetson Nano can autonomously collect data and then calculate gradients and fine-tune the AI model. If the Jetson Orin Nano lacks FP16, it won't be able to do gradients and learning. So going from FP16 to INT8 is a downgrade from having AI training capabilities to pure execution of pre-trained AI models.