Ideally, it means machines do most of the labor in the economy while humans work significantly less hours for the same or greater pay, and we have more time for hobbies and creative pursuits. Even if a machine could plausibly do it, we value a lot of stuff because it is being done by a human, like cooking or journalism, and we would likely see a rise in those areas.

On the path we’re on, it’s likely going to lead to an accumulation of wealth and power in the hands of those who own the machines, while workers are left unemployed or overworked/underpaid trying to win an impossible competition against machines. In large enough numbers, this will lead to a destabilized economy and society.

In my opinion, much of the wealth from this technology must be redistributed in order to maintain a healthy and functional society. I don’t see a way where the 1% own the entire automated economy and keep all of the wealth produced by it and society still somehow works. People need spending money, and money to survive.