The required vocabulary for the new SAT (2016 redesign) is much different than the required vocabulary for the current SAT (up to January 2016). For one, there are a lot less obscure words. Most of the vocabulary used on the test is commonly used in articles and other works today. Another difference on the test is that there are no strictly vocabulary questions, such as incomplete sentences. Rather, difficult vocabulary appears in the passages themselves, and questions that require a student to define a word can be answered by analyzing how the word is used in context.
A strong vocabulary remains an important tool in doing well on the SAT, since it will allow the student to understand the passages more easily.