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From their email sharing the news:

We're excited to announce the release of the newest addition to the GPT-3 model family: `text-davinci-003`. This model builds on top of our previous InstructGPT[1] models, and improves on a number of behaviors that we’ve heard are important to you as developers.

`text-davinci-003` includes the following improvements:

    * It produces higher quality writing. This will help your applications deliver clearer, more engaging, and more compelling content.
    * It can handle more complex instructions, meaning you can get even more creative with how you make use of its capabilities now.
    * It’s better at longer form content generation, allowing you to take on tasks that would have previously been too difficult to achieve.

[1] https://openai.com/blog/instruction-following/



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