Depends on what you expect to do with it. A bit of faffing around with the Gentoo repository tells me that they've convinced KDE5, Firefox, Libreoffice, GIMP, and a few other useful pieces of software to build, but not Chromium, Thunderbird, etc. So maybe somewhere between a Pi and a Chromebook, in terms of usefulness?
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I believe just as viable as a Raspberry Pi, but not much more.
The nice thing with Raspberry Pi is that they have been around for a very long time, you know what you get, and software support is quite reliable. Even years later, you can still get new distributions for older devices. That's all really useful, when you want to build a device that needs to run for a couple of years.
At this point, I will buy either a CM4 or a Zero2W depending on my specific needs -- and assuming I can hunt it down. Availability is still rather spotty, but has been improving considerably in the last couple of weeks.
RISC-V single-board computers can't quite compete on the same level. It simply isn't clear whether a board that you buy today will still receive support six months from now. And performance or price isn't really a compelling factor either. There are plenty of ARM-based non-Raspberry single-board computers that outperform any of the RISC-V offerings. And they probably have a better track record as far as long-term support is concerned, but not as good as Rapberry Pi solutions.
The reason to buy a RISC-V board would be for you to gain experience with this technology. But honestly, the ISA matters very little. It'll look just like any other Linux system, with maybe a few gaps in what is supported.
Now, long-term, I am quite optimistic about RISC-V and expect that it'll push ARM out of the market for these type of devices. But for the time being, there is very little reason to switch just yet.
RISC-V will be more viable in a few years at the moment it is getting popular in embedded application because of it's licencing structure. That embedded experience is going to find it's way to more general compute in time.
For SBC's RISC-V's main issue at this stage is software optimization at the back end (really the whole stack). At the moment a ARM board will be able to do the same task more efficiently then a RISC board because of those optimizations.
Personally i plan to buy a RISC board to play with i'm sure i can find a use case for one. I just want to personally see how the technology is progressing. Plus by using the software it will show developers that there is interest in this 3rd option. it's kind of a chicken and egg problem software wise.