OK, see it now, but that is far from being the same as automatically getting Alerts for new responses only in threads you've participated in. With that link I literally have to scroll through and check every thread showing to see if someone other than myself has the last response, and you also have to remember whether you've even checked the persons comment or not if someone else has responded since you. It's far from being as advanced and precise as the auto alerts we got before.
That said, today I got 4 Alerts showing 4 of my responses as best answer in threads I responded to. That is about the only sense in which Alerts works well, although I'm not sure if it's even supposed to Alert you when you have nothing on Watch.