It shouldn't sound any different, that's the point of the exercise. The sounds are held constant while the way of writing them down changes.
A is /ei/ and lots of other sounds.
E is /i/, sometimes it's an open e, ..
I is /ai/, sometimes not, ...
O is always a diphthong, plain /o/ does not exist anymore
U is /a/, /ju/, ??
Y is there for the show, often it's used for /j/
English like German has lots and lots of vowels, while Latin and Italian have like, 7? The letters were supposed to have only one sound at most, but history clearly shows us that it's easier to reuse or adapt an existing letter than invent a new one (look at [ng] for instance, or [th] which became used mostly because nobody had types to print thorn and eth).