Chain size and problem

Just to make sure, 1/2" × 3/32" is the correct chain size for a 7-speed cassette right?
Reason I ask this is that I replaced my chain today with a chain this size (as my old one was stretched to hell) and this new one 'slips' on the cogs. It doesn't shift when it slips - just seems like it's skipping a few teeth or something.
It doesn't necessarily slip under pressure neither, just general riding really.
It's weird as my old chain was absolutely fine even though it had been on at least 3-4 years but as soon as soon as I replaced it with a new one it slips.
Any idea's?
Oh also, the chain is 7 speed specific and has a rust proof coating http://www.chainreactioncycles.com/Models.aspx?ModelID=25425
Reason I ask this is that I replaced my chain today with a chain this size (as my old one was stretched to hell) and this new one 'slips' on the cogs. It doesn't shift when it slips - just seems like it's skipping a few teeth or something.
It doesn't necessarily slip under pressure neither, just general riding really.
It's weird as my old chain was absolutely fine even though it had been on at least 3-4 years but as soon as soon as I replaced it with a new one it slips.
Any idea's?
Oh also, the chain is 7 speed specific and has a rust proof coating http://www.chainreactioncycles.com/Models.aspx?ModelID=25425
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it says it is 7spd.
but ...
is it clearing the cogs?
are the cogs worn?
Parktools :?:SheldonBrown
And what do you mean "clearing the cogs?"
better to have 2 or 3 chains and rotate them every month to lengthen the life of the cogs