As you can see under each column, each channel now has the active preset listed right under its name. If you click on it, you'll be able to see a list of your favorite presets.
If you don't have any favorite presets, an Edit button will be visible. Click it to set a few.
After you have marked a few presets, they will then show up in the list in the appropriate channel. As pictured above, there are five presets for games that one might commonly play. Switching between them is just two simple clicks away, and all you need to do is glance at Sonar to see which one you have active. When going to a different game, simply switch to the appropriate preset. You can also favorite your custom-made presets there.
Note that you can manage all the channels easily now; sometimes I switch to the Walkie Talkie preset on the Mic to entertain my friends. You should try it!
Remember, if there are any channels you don't want to show up at all because you don't use them, you can disable them.
Set your Favorite Presets