Maxon One doesn't strike me as the greatest deal. You get tons of stuff with it, but I won't be using most of it, and I only want to sub to C4D and Redshift. Making capsules a Maxon One exclusive could in some quarters be described as a 'dick move', but I would never bring that phrase into the conversation.
EDIT - I wrote the below in responser to the final comment on the first page of this thread (the guy who seemed downbeat about development), and then after posting it I see the past half day's posts have all finally appeared on my screen. Maybe they didn't load before. So feel free to read the outstanding writing below but it probably has bugger all to do with the last five or six posts here, sorry.
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I get where you're coming from generally, but in this instance Maxon just finished (mostly, sort of) doing all that core rewrite stuff. (I understand there's more happening but they only just seemed to get there last year).
They evidently had to sort out that groundwork. It just took more than several years longer than anyone here probably thought or hoped it would.
Now that they've made it most of the way there, cooler stuff is starting to appear in Cinema 4D, hence redoing soft and rigid dynamics, pyro, the new particles and probably something else I've forgotten.
The laundry list of stuff Maxon really needs to tackle and fix is very long obviously but it now feels like they've actually started doing this, whereas a handful of years back you really just wondered.
But we'll know in the coming weeks with C4D 2025 how things are looking (I guess sometime next month). A chunky release would be very encouraging, a meh release will be a bit of a downer. I don't feel like placing any bets.