P means "this problem can be solved in polynomial # of steps relative to the problem size"
NP means "we don't know if the problem can be solved in polynomial # of steps relative to problem size, but we know we can check if the result is correct in a polynomial # of steps relative to the problem size"
!ETH: it was widely suspected that the flagship problem in NP, 3SAT, requires an exponential # of steps relative to problem size. We now know that 3SAT requires AT MOST something more than polynomial but strictly less than exponential to solve.
"P = NP" means "if you can check it in polynomial time, there's some way to solve it in polynomial time". "P != NP" means "there are some problems checkable in polynomial time for which there is no polynomial way to obtain the result"
Today's new proof makes "P = NP" "feel more likely", because we know that the flagship problem in NP is not exponential.
Solving an arbitrary NP problem looks like first reducing that problem to SAT and then solving the equivalent SAT problem. We know (via the CookâLevin theorem) that any NP problem can be reduced to SAT in polynomial time, and we now know that solving SAT is subexponential in terms of the size of the SAT problem, but it's possible for the conversion to SAT to grow the problem enough that it's exponential in terms of the original problem.
It seems to me that the logic only goes the other way ... if ETH had been proven then it would follow that P != NP. With !ETH we really don't know any more about P ?= NP then we did before. Reasoning that P = NP is "more likely" strikes me as a form of a fallacy of affirming the consequent.