Thanks for clarifying everything. Since it seems the overall consensus is that nothing has really changed (at least in my scenario), I'll probably just add the time in my PIC column.

I did ask the CFI to point it out in the regs, and he just said it was in a new 2011 FARs and said he didn't have a FAR/AIM with him (lame excuse imo), and then went off on some long tangent about how the airlines won't accept that as PIC time anyways, and claimed that they would view me as a 'cheater' when they see my logbook and other stuff along those lines.

When I talked to my airline friends they acted like he was over-exaggerating, at least the part where airlines would view it as cheating to log it. I figure I will log it according to what is legal with the FAA and employers can take it for what it is. I hate to skip out on logging hours that might count towards insurance minimums, ATP, etc.