For the upscaling part, Lossless Scaling is not really that impressive. It's not really better than driver level upscaling of AMD and Nvidia. But it is easily applicapable to pretty much any game and video source so it has its uses.
In Frame Generation, Lossless Scaling actually does something neither AMD nor Nvidia havent thought of yet and I think it is brilliant. Dare I say, it will the way to follow for FG in coming years. And that is something called Adaptive Frame Generation.
What Adaptive mode in LS does is instead of sticking with 2x, 3x, 4x, 10x generation frames as usual, it sticks to a given target framerate. You basically input your monitor refresh rate and you always get that many frames in a second. So you always get the benefit of increased motion fluidity from FG as much as you can see on your monitor. This is better than fixed mode lock to your monitor refresh rate. Because you dont lose fluidity in a heavier scene if your card cant handle nor you have to stick with increased input lag when scene is much easier to run since fixed modes lock you to certain base ingame framerate. And it just much more easier to use as you dont need try to find a good framerate/quality setting to use FG at its best.
And LS uses a Flow Scale to predict motion in frames where you can adjust to increase motion fluidity by lowering FG overhead. I'd say whole experience is pretty close to AFMF2 so it's actually pretty enjoyable.
Of course in game FG has it's motion vector advantages, but LS can work in any game on any card. You dont even have to have a card actually, it runs on integrated graphics too.
So all in all, I think LS dev does something great. Though it can never actually beat natively supported DLSS, FSR or XeSS, it is more accessible than them and actually has the potential to lead the FG tech to better implementations.