1. Anything that can be easily done with an LLM can be done by anyone easily. Given that, the value of those things therefore drops to near zero.

2. All remaining things are at least as hard to do as before, but you may have removed some load from people that previously were more busy doing things from the (1) category manually. So these might drop in value a bit as there are more hours available with the existing people to do those.

3. Then, there are things that become harder because somebody used an LLM to do them. Imagine you have a project lead who didn't do one bit themselves, generated a bunch of specs and tickets using AI and handed them to you. You are the first one looking at them manually and you find out that they are garbage. Now, in all likelihood you have lost efficiency. This in my experience applies to all types of work that yield results which are hard to verify.

Which of those cancels out the other and what kind of feedback effect arises and what overall effect on productivity/efficiency this has, nobody knows.