Does this reduce the operating costs of hosting OSM-based maps, since presumably they require less CPU spent on rendering and vectors consume less storage/bandwidth?
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Static or infrequently updated vector tiles can be generated from OSM data by a number of tools, but those most popular right now are https://github.com/systemed/tilemaker and https://github.com/onthegomap/planetiler
The actual -new- thing is that the work Paul has done for the OSMF allows on the fly (aka in minutes) updates of the vector tiles. This is important for OSM contributors as a feedback mechanism and the main reason the OSMF operates the current raster tile service.
What is currently a bit out in the open is which usage restrictions will apply to to using the vector tile service as, just as with the raster tile service, the intent is not to compete with or replace third party services and a vector tile service could potentially do that.
this is the first I've seen of these alternative tools compared to using Tippecanoe(https://github.com/felt/tippecanoe). Are they considered to be higher performance?
Tippecanoe takes geojson and splits it up into tiles, we are talking about doing that with OSM data here. Typically you will want to apply some normalisation of the input data, then you need instantiate the geometry of the OSM objects, then split things up according to the vector tile schema in use and then write the tiles.