There is no automatic right to compensation at all for delays, you may have the right to cancel and get your money back after 5 hours but that isn't much use on the way home. Your only entitlement is to be looked after and a couple of phone calls.
Indeed the new regulations may not be worth the paper they are printed on as every airline can avoid claims by claiming the delay was due to 'exceptional circumstances', usually technical problems. If the airline try this, you might demand details of the number of delays the aircarft has suffered in the last month, anacdotal evidence suggests delays may not be 'exceptional' for this airline!