I'm using Vite for frontend builds and it's much faster and easier to use than Webpack (especially if you've got TypeScript and/or a modern framework in the mix) - I'm a huge fan.
However, Vite is designed with modern Javascript in mind and there are some things that it just wont do, like import AMD modules. So for a number of our builds that include legacy code we're sticking with Webpack.
Webpack also has a larger plugin ecosystem, and is more flexible for complex use cases. E.g. one of our clients really wants to build their frontends in Nunjucks (yes, they are insane), Webpack has a plugin, but Vite doesn't.
The good news is, both support the same ESM syntax and the same "everything is an import" approach so for many projects you can just drop Vite in instead of Webpack.
Turbopack is still in beta, if it turns out to be faster/better once stable I'm hoping it can be a drop-in replacement for Vite.