Basically you know how you can ACH payments from your account to someone else’s and back but it only happens the next morning as long as the next morning is a business day? Now it would happen instantly on any day.
That said, FedNow is still an improvement over ACH. ACH is fundamentally batch-based processing, they just run the batch multiple times per day now. And all the batch times are East Coast biased, so people on the West Coast get worse service.