The new feature allows users to configure different Environment Variables for Production, Preview, and Development environments directly in the Project Settings Dashboard, providing more flexibility and ease of use for developers. This change enables team members to share Development Environment Variables with each other by pulling them into a local development setup using the newly introduced `vercel env pull` command. Additionally, users can manage their Environment Variables using new commands like `vercel env add` and `vercel env remove`, directly from the command-line. Overall, this update aims to simplify the process of managing environment-specific variables in Vercel projects.