The Azure Monitor Agent is the new, consolidated telemetry agent for collecting data from IaaS resources like virtual machines. By using the upload capability in this preview, you can upload the logs you send to Log Analytics workspaces to Event Hubs and Storage. Both data destinations use data collection rules to configure collection setup for the agents.
For a comparison of the Azure Monitor Agent to legacy agents, including the Diagnostics Extensions, please see here.
More information
For instructions to set up, please review the documentation here.