OpenTelemetry 1.0.1 marks a significant advancement towards establishing a standard for observability by focusing on tracing, with future integrations planned for metrics and logs. While the project is still in its early stages, metrics are currently in beta and logging remains in alpha, making them not yet fully usable. This release is pivotal as it impacts tracing with open-source tools like Jaeger and facilitates the transition from OpenTracing. The project emphasizes long-term support, dependency isolation, and backwards compatibility, offering support guarantees for APIs and plugin interfaces. OpenTelemetry's initial release supports Python, Java, .NET, and Erlang, covering traces, spans, events, and attributes. The transition involves integrating OpenTelemetry into systems like Logz.io and re-architecting Jaeger around it, pointing to a collaborative effort within the open-source community to enhance observability tools.