Lightning Web Component - Local Development Server

The Local Development Server is a Salesforce CLI plug-in that configures and runs a Lightning Web Components-enabled server on your computer. You can develop Lightning web components and see live changes without publishing the components to an org.
Local development supports Lightning web components only. It doesn’t support Aura components.
Watch Salesforce Developer Evangelist Mohith Shrivastava explain how to Develop Lightning Web Components Faster with Local Development Server too - • Develop Lightning Web ...
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[@sergiulaze4901]

Thank you, Jonathan. This is extremely helpful and informative.