There are different types and sizes of life rafts on cruise ships these days. On the Royal Princess, there are two large rectangular shaped life rafts that can hold 632 passengers each. Each life raft is stored in a small container that is a third the size of a full sized lifeboat. I have circled the container in this photo, which gives you an idea of the container relative to a lifeboat:
The life raft is deployed from the side of the ship. Once it hits the water, it deploys into a square or rectangular ship craft. Passengers board the life raft by sliding down a corkscrew slide. Here are the "simple" 7-part instructions on deploying the life raft:
My wife found a You-Tube video that shows one of these types of life rafts being deployed and passengers sliding into the craft:
Not as exciting as
Bear3412's video, but definitely still an "E" ticket in my opinion!
Edited to add: Give proper credit to Bear3412 for the prior video.