I don't have a screenshot handy, but I can tell you briefly. There's an icon at the top right of your paper doll frame. You click on it and a box with eight icon slots appears, representing 8 possible outfit. There are a New and a Save button. Click on New, you get the same kind of screen as you get when making a macro: pick a name and an icon. The Save button is self-explanatory I think.
I didn't see the ALT thing mentioned in other threads, which would pop up other items that fit in the given slot, because it was broken last build. Didn't try the new build from yesterday yet.
So it doesn't look like much, but I think it's simple and efficient.
There are 10 slots, actually. Can't go beyond that - you get an error that you already have the limit. And the two buttons are Delete and Save. ;) To create a new outfit, you just equip everything you want in the outfit (there may be a way to ignore slots - there are functions for that, but I don't know how you do it) and click Save. Then you get the window Shadoweric mentioned to pick a name and icon. Holding alt does provide flyouts of other gear you have that you can equip in those slots. It was working in the new build last night.
When the Equipment Manager window is opened, the Flyout shows several new options for each slot. One option is to Empty the slot (if there's an item in it), and one option is to Ignore the slot (or "Unignore" it if it's being ignored).
latest build has fixed the flyouts, including their parenting and frame level. Specifics graphical textures have been added for all the manager elements. Finally, a macro command (/equipset <name>, if I remember correctly) has been added.