Observability practices are evolving significantly across various industries, with increasing recognition from top-level executives. Despite advancements, challenges such as cost and complexity persist, prompting teams to explore new tools for simplification and improved results. The third annual Observability Survey, which garnered over 1,255 responses, reveals that the use of metrics and logs is still prevalent, but traces are gaining traction for comprehensive visibility. A shift towards centralized observability is noted, with SaaS adoption rising as companies seek efficiency. The importance of open-source solutions is underscored, with Prometheus and OpenTelemetry being widely used, and the survey highlights the ongoing integration of AI to manage complexity. While cost is a concern, the emphasis is increasingly on extracting value from observability technologies. The survey also notes a growing adoption of service level objectives (SLOs) to tackle cost and complexity, alongside a rising interest in full-stack observability and emerging areas like FinOps. The results reflect a broader trend towards more mature observability practices, with open-source tools at the core of this evolution.