I do not know, I am not a moderator or admin. Just saying that I never actually notice it was gone, since I always just type it. So, just saying that if you want to format the text, you can still do it.
In case anybody don't know how to, here's a quick reference of the commonly used (Just remove every SPACE within the brackets):
[ IMG ] link to an image [ /IMG ] - Shows the image directly in the post
[ I ]
text you want in italic [ /I ] - Italic
[ B ]
text you want in bold[ /B] - Bold
[ U ]
text you want underlined - Underlined
[ URL ]
web adress [ /URL ] - Creates a direct link