The setting is still there, it's just moved a little bit.
I'm working with a German user interface so I'm not sure about the English translations, but here it goes:
In the general settings there is a new item in the uppermost area. It should be something like "load new data".
Once you go in there you can activate or deactivate "immediately".
Down below you find the settings for all the applications that do not support immediate transfer – you can set it to 15 min, 30 min, hourly or manually, just like under software 1.4.
I think the Mail goes by these settings, at least it works for me.