https://www.techpowerup.com/298885/xess-a-second-generation-upscaling-technology-at-par-with-dlss-2-0-and-fsr-2-0-digital-foundry
 
Intel XeSS is a second-generation upscaling technology that's at par with DLSS 2.0 and FSR 2.0, says Digital Foundry, which got an exclusive early-access an Arc A770 graphics card along with XeSS, and the latest version of "Shadow of the Tomb Raider," which features XeSS besides DLSS. The publication compared the A770 + XeSS with a GeForce RTX 3070 + DLSS, and in its testing, found XeSS to offer comparable or better image quality at low frame-times. XeSS uses a AI-ML algorithm to reconstruct details, which is accelerated by the XMX cores on Xe-HPG "Alchemist" GPUs. XeSS hence currently only supports Arc GPUs, however, the company is working on a DP4a (programming model) version so XeSS could work on other GPU architectures, across brands.

An upscaling algorithm by design adds to frame-times (time taken to render a frame to display), and in Digital Foundry's testing, the most aggressive preset of XeSS, Performance, which upscales 720p to 1440p, adds 2 ms to the frame-time. A 1080p to 4K upscaling in the same mode, adds 3.4 ms to the frame-time, which jumps from 8.8 ms to 12.2 ms (an increase of 3.4 ms). The increase in frame-times is a good trade-off when you consider the performance gained—a staggering 88 percent increase in frame-rates for 1080p to 4K upscaling, and 52 percent increase with 720p to 1440p upscaling. Frame-times increase as you move up the presets toward the Quality mode, which renders the game at resolutions closer to native-resolution, so the performance-gained is smaller. XeSS offers a preset it calls "Ultra Quality," which renders the game at a resolution closest to native, while still yielding a 16-23 percent frame-rate gain, with an output that's practically indistinguishable from native-resolution.
 
Looks like Intel has this software working very well.