It’s here! Well, actually, it arrived last year with the 3rd ed. of the MLA Style Manual, but now the 7th ed. of the MLA Handbook for Writers of Research Papers, used by many high school and college students, is available and the revisions are also appearing in many, if not all, college rhetorics and handbooks.
The new system is much the same as before in terms of using parenthetical references. The big change is in designating the form of sources as “Print” or “Web”—and all online sources require only the “Web” indicator. Much simpler, if less specific.