Possibility seems endless if implemented properly.
I would pay particular attention to the last point! With great power comes great responsibility. ChatGPT can hallucinate output that while it reads in a confident and articulate manner still equates to false information. Open AI says this clearly on their website and cautions against using it for assessment. It is particularly adept at producing fake academic references. See an exploration here: https://teche.mq.edu.au/2023/02/why-does-chatgpt-generate-fake-references/ . There many creative uses for ChatGPT and similar generative AI in education, such as to help with brain storming and creativity. We also must teach our students AI literacy including how to use them effectively. But i also have a fear in the back of my mind that it sure may be tempting for politicians and administrators stretched for a dollar, but replacing a well trained teacher with a bot that tells porkie pies to students is not going to end well for anyone.