I used to backup my music library on DVD's twice a year. With the latest updates, I find that option is gone.
Is it really gone, or am I looking in the wrong place?
The backup to disk option was removed as of iTunes 10.4. If you want to back up your tracks to a CD, you can as a workaround put the tracks in a playlist and then use the Burn Playlist to Disk command and select a data disk as the format. Unless your library is pretty small, though, it's probably a lot more effective to just copy the entire iTunes folder to an external hard drive or USB flash drive, either manually or by using backup software appropriate for your computer OS.