UPON FURTHER REVIEW: Let it be known, the ruling bodies of golf are open to change. Beginning in 2008, a golfer will be allowed to lift a ball for identification in a bunker or water hazard. However, there now will be a two-stroke penalty for playing a wrong ball from a hazard. In match play, the penalty will be loss of hole.
“There are a number of reasons for this significant change that will allow a player to lift a ball in a hazard for identification,” said James Bunch, Chairman of the USGA’s Rules of Golf Committee. “First, there are already several Rules, such as Rules 5-3 (Ball Unfit for Play) and 22-2 (Ball Interfering with Play), that allow or require a player to lift his ball from a hazard, so the idea of lifting and then replacing a ball lying in a hazard is nothing new.
“Second, this provision will eliminate many difficult and unfortunate situations that occurred under the present version of Rule 12-1. For example, there is the case of a player who finds a ball in a hazard that may be his, and he then hits it out of bounds, without ever really knowing whether it was his ball. Third, there is the general principle that the elimination of one large exception from the Rules will only lead to a more consistent and understandable code.”
Another notable change is the reduction in penalty in Rule 4-1 for carrying, but not using, a non-conforming club from disqualification to, in stroke play, a penalty of two strokes per hole, with a maximum penalty of four strokes for the round.
The penalty for the accidental deflection of a ball by a player, his partner or either of their caddies or equipment under Rule 19-2, will be reduced to one penalty stroke in both match play and stroke play. (In 2007, the penalty was loss of hole in match play and two strokes in stroke play.)

Is that the same for R&A rules as well? or just USGA rules?

One would hope this sort of rule change would be for both. Hope and reality might be different. Over to the rules boffins:)

The USGA, in conjunction with the R&A in St. Andrews, Scotland, writes, interprets and maintains the Rules of Golf to guard the tradition and integrity of the game. The two organizations are joint authors and owners of The Rules of Golf and Decisions on the Rules of Golf. Through an agreement with the R&A, the Rules jurisdiction of the USGA includes only the United States, its possessions and Mexico.

With the exception of the rule concerning prize money for a hole in one, the rules are excatly the same.