The stat you purchased will not work properly. The existing stat is for a heatpump with supplemental (or two stage, or emergency) heat, usually a strip heater or even a burner. See that little sticker on the lower/left corner of the back of the new stat?? The new one will only work for a single stage heatpump and has no provisions for the supplemental.
This is what's on the wall:
G - Fan
C - Common from transformer (usually needed for a clock on the stat, maybe just a junction)
R - 24VAC from transformer
W1 - First stage heat *
Y - Cooling *
O - Changeover valve
W2 - Second stage/supplemental/emergency heat
* W1 and Y being jumpered indicates that the compressor runs for both heat and cooling with O being the determining factor - when O is energized the system runs in A/C.
Though I do not recommend it, you can connect the new thermostat (in heatpump mode) as follows:
OLD - NEW
G - G
R - Rc (leave the Rc-Rh jumper in place)
O - Y/O
W1 - W/B
Y - Y1
C and W2 from the old stat will unused, hence no supplemental heat. The A/C will work normally, but the heat will be crap.
Bring it back and get a two-stage heatpump stat.