Though it is coming back and if you opt-in to the latest Steam beta you will be able to access that option again.Yeah, its gone.
jasonr (Steam Forums) said:There's a new Steam Beta client available. To access the Beta, go to File -> Settings. On the Account tab press the Change... button to open the Beta Participation dialog. Then Select "Beta Update", and allow Steam to restart itself. Here are the specific changes:
- Fixed roaming game categories and favorite settings being reset
- Added option to set server browser ping rate independently from download rate
- Fixed missing menu item for updating AMD video drivers
- Fixed launching of 64-bit games with "-" in the command line
- Improved in-game overlay compatibility for some 64bit game executables
- Added ability to handle proxies that require "basic" auth when downloading games using the new content system
- Improved support of concurrent user sessions from multiple platforms
- Fixed cloud enabled games sometimes not launching until the client is restarted. Also fixed the Steam client showing a “Waiting for cloud sync†dialog at exit forever when in this state.
- Updates to workshop APIs for upcoming Steamworks games
1/18/2012
- Reverted change that was causing Steam to hang
1/23/2012
- Fixed regression leading to some 64bit games hanging on launch
I'm actually going to opt-in just so I can stop losing my game categories everytime I sign into Steam from a different location.