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The cutouts are pretty accurate, but visible. The edges of the screen are flat, and pretty sharp, but it's also almost as thin as a plastic film screen protector, so you don't notice it under your finger as much as a tempered glass one. It isn't an edge to edge sheet, so lining it up takes a somewhat steady hand. The oleophobic coating on this also isn't very good, so you'll definitely feel your fingers either stick to the screen, or leave streaky oil behind.
As far as screen protection goes, I feel like this thing is way more drop resistant than any tempered glass screen protector I've ever used before. I had an iPhone screen shatter under a Spigen last year. A similar drop to that one simply put a dent near the corner of this screen protector. The glass underneath is completely unharmed, and this screen protector is still good for use. However, this thing is more prone to tiny scratches than the bare screen is.
Overall I'd say that if you're used to tempered glass, don't expect tempered glass. It's thin, firm, plastic. That being said, you're trading a little bit of scratch protection and in-hand feel for better drop protection. I'll probably stick to these from here on out after too many shattered tempered glass protectors over the past few years.