Tommaso, the team made some changes based on the accumulated feedback from the community.
The main discussion of this feature is being held within the Prerelease community — you can join it if you want to participate, at https://www.adobeprerelease.com

The smoothing felt too aggressive to many users, so now it tries to make changes gradually, as you draw, not immediately (but still instantly applies it if you release the mouse/pen) — watch your own video again and see how it makes the waves more smooth while you draw. It’s just less jumpy and hysterical now, but it still works. Results are comparable.

The live feedback is not about 'suggestion', it’s about filtering the input according the fidelity settings in the Pencil tool’s settings. If you increase fidelity there, it well become more filtered. Also Live Feedback draws the line with the appearance instantly applied, and not with just an edgeline.

Beta is Beta, it’s always WIP, and things changes, and we all provide feedback.

HI Igor and thanks for your reply.
During previous uses to this update I saw a live suggestion line while creating the drawing.
Now I don't see it anymore.
The stroke created is fixed by smoothing just at the end.
So what live feedback is there?
Also if you notice, deselecting or selecting it doesn't change much.

I was using it in BETA to draw with much more pleasant results than in the official version. Then I stopped for a few days and when I started again everything seemed different and the same as before.

Tommaso, it IS the live feedback in the video you shared!
The one above is drawn using your chosen color (black) and the stroke weight.
Pick another stroke color to see the difference more clear.

The one at the bottom is drawn with the edge only visible, not stroke applied until you release the mouse.

What do you expect to see though?

Screen recording

Tommaso, the team is aware now of the problems with sharp angles (especially when closing a path) — can you share some more examples though, to make sure it’s the same thing, please?

Beta v 29.1 on Win 11 Pro built 22631

During drawing session i can't see anymore live feedback although optios is selected.
Everything appears like a classic drawing method.

Which is the state about official release of this tool?

To improve it, is critical to preserve angles.
A latency time during drawing at the acute angle could be recognized as being to be preserved.

Which Beta build specifically?
What happens? Can you describe it or record a video?
Works for me on Windows 10.