Like WPA2, WPA3 is not an IEEE standard, but a specification and certification program created by the Wi-Fi Alliance. Also like its predecessor, WPA3 comes in Personal and Enterprise flavors, the latter optionally supporting 192 bit encryption.
The Alliance offers no summary of the differences between WPA2 and WPA3. But this DarkReading post from today offers a good description of WPA3's key features. This post by Mathy Vanhoef provides much-needed details about WPA3. And this newer post describes what the actual WPA3 Certification announced today really supports.
Also announced was Wi-Fi CERTIFIED Easy Connect, which in earlier descriptions of WPA3, was part of that specification. It's now been broken into its own certification, however, because Easy Connect is focused on securely connecting devices with "limited or no" display. This would most commonly be done by scanning a QR code on the device using a smartphone or tablet.
You'll be able to run mixed networks of WPA2 and WPA3 devices, once routers and APs supporting WPA3 appear. Eventually, however, WPA3 will become mandatory to access 11ac and 11ax features, just as WPA2/AES is required to access 802.11ac's higher link rates now.
Don't expect to see firmware or driver upgrades enabling WPA3 for your current collection of devices. WPA3 requires new hardware, so you'll need to buy new stuff.
The Alliance's Certified Product Finder already has checkboxes up for WPA3 and Wi-Fi Easy Connect, but no devices have been certified yet.
[Wi-Fi Alliance press release.]
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