Do not throw them away!

The new "groove rule" has been controversial to say the least; it was imposed by the USGA and the R&A since January 2010 and the lack of information and clarity has been the main ingredient of a mediatic war in which even some players, such as Phil Mickelson, were pointed out as cheaters

The rule applies to every single club with more than 24º of loft.

What does it regulate?

First, the shape of the grooves isn't the issue here, so it's the same if the wedge has a "V" a "U" or a square shape.
Second, it's important that the grooves aren't aligned or cut in different angles or sizes, why?, well for a very simple reason, this may affect the ball's spin. Besides, the space between them has to be consistent; in other words, the grooves must be straight and parallel in all the impact area.

How will this affect?

For starters, the way clubs are produce will be different because:

• The square grooves need to have more separation between each other, since they trap more humidity and grass, especially after a shot from the rough.
• The edges of each groove need to have a .010 in. radius, so they won't be straight anymore.

One more thing, the USGA suggests that each tour comitee decides weather they apply this rule or not. Never the less, all the tourneys sanctioned by the USGA, including the majors, will adjust to this.

What am I supposed to do with my equipment?
The clubs approved for play in 2009 can be used until 2024; and in that same year the rule will apply to all no matter the status or handicap.
Now, the amateurs playing in USGA sanctioned events will be able to use their clubs until 2013, one year after that the rule will apply to them.

It's not complicated at all and the key changes will be seen in the composition of the balls; they might become a bit softer to produce more spin and compensate the change in the clubs' constitution.