No threat to TR as it currently sits, for a couple reasons. Firstly, their power readings are only +/- 10% in an ideal state. Secondly, only the power zone rides (a small subsection of classes that’s different from the classic “Peloton Class” actually customizes power ranges to the user, a la TR with an FTP assessment. The majority of classes seem designed to be 10-30minute hard efforts, and that’s it. Thirdly, even within power zone rides, the progressive loading is very, very basic; better than nothing, but that’s about it.
Essentially, this is a spin bike with an instructor controlled resistance dial. I could see people starting in Peloton and moving into TR/Zwift if they get into actual bike riding, but I don’t see many people chosing Peloton OVER TR. If anything, I could see people who otherwise don’t want TR choosing Peloton, sure, as it’s arguably far more entertaining to some. But the type of person who’s looking for what TR provides, has a road bike and trainer, and is looking to get faster, isn’t going to look at TR plans and then see that the Peloton has a faux erg-mode and switch, I don’t think.