Nope. It's still there--in three forms:
=rand.old() gives you quick foxes.
=rand() gives you a short treatise on Word 2007
=lorem() gives you faux Latin.
You can also include two parameters in the parens (p,s), where p is the
number of paragraphs and s is the number of sentences.
=rand(5,4) would give you 5 four-sentence paragraphs.