Hi Mike,
Yes, it's still there! Simply double-click your audio region to open the Editor, and make sure that the "File" tab is selected. You will find it under Functions > Reverse. If the "Track" tab is selected, you won't see the Functions menu.
Check out this video by Mo Volans to learn how to use the Reverse function with effects tails:
[url]http://play.macprovideo.com/logic-pro-x-301-supercharged-processing/19[/url]
Cheers!