What Happened to iTunes in the Cloud Streaming?

Anyone with a Macbook Air or Retina will sympathise with wanting to conserve disk space.

That's why I was so excited when iTunes 11 integrated iTunes Store purchases inline with your normal library! You could just stream albums using iTunes in the Cloud instead of hosting them locally, it was perfect.

I notice now this functionality has been removed. Only locally stored albums appear in my iTunes library, and the setting to show iTunes in the Cloud purchases does not appear as it once did.

Is this just me, or do others see the same thing?