DAM for Sitecore integrates Digizuite™ Asset Management with Sitecore, which allows embedding of assets from Digizuite™ into a Sitecore website.
Although the Sitecore Media Library still exists in Sitecore, DAM for Sitecore should be seen as a replacement for the Sitecore Media Library.
Everything has changed with DAM for Sitecore v3.x or v4.x, and hence experience with prior versions are not needed. DAM for Sitecore v8 is rebuilt from the ground and up in order to meet rising customer demands and to create a much stronger and deeper integration.