I tried downloading Dropbox's beta client (which switches to Apple's new APIs to get around this) and it's a disaster; the CPU usage of fileproviderd would stay at around 150% until I removed Dropbox altogether.<p>This is, of course, Apple's fault for getting their API wrong and then forcing everyone to switch to their broken solution.
I was worried that OneDrive would not work correctly anymore.<p>I've just checked and it works as expected.
Click on "Always Keep on this Device" to keep a local copy of some files.<p>The only difference is that the OneDrive shortcut in Finder is now under Locations instead of Favourites.<p>It may be annoying for people needing to re-download all their local content though.