With Datadog's new event-based alerts, users can trigger notifications on specific events such as deploy failures, job errors, and third-party service outages, allowing for more precise and flexible alerting. The feature works with any integration that sends events to Datadog and allows users to combine filters to select specific events to alert on, including string matching, status, priority, source, tags, and aggregations. Additionally, the feature includes absence checks to notify when a critical event hasn't been reported in a certain time frame. This new capability enhances Datadog's existing alerting features, enabling users to set up custom alerts based on specific events and customize their notification conditions.