In this question a couple years ago: What do life jacket ratings mean (Type I, Type II, etc)?, we see the traditional types many of us learned about in Boating Safety courses, or in Scout/ Youth camp, or from the America Canoe Association or American Sailing Association. A couple answers there (including one of my own) discuss the definitions and features of the old roman-numeral-typed PFD (i.e. Type I through Type V).
However, it was hinted there regarding the fact that the U.S. Coast Guard had determined the boating public had a poor understanding of the meaning of these types, and was going to eliminate them. This became official with a ruling issued September 22, 2014 (it's a little dry legalese, but you can read it here.)
Along with this announcement, the Coast Guard also stated they anticipated a several year transition period to allow for, among other things, the states to update their boating laws for the new labeling rules, and for PFD manufactures to begin developing the new label system.
Well, here we are at the start of 2019, and the new labels are beginning to appear on store shelves and in training materials. What are the new types, how do they compare to the old types, and how have the rules changed for what I need to carry on my boat?