Yes, there is. Click the 'Start' button and type 'backup' in the 'search programs and files' box. You will the see 'Backup and Restore' listed under programs. Click this and the utility loads. On the left side of this sceen there are two options - 'Create system image' and 'Create a sytem repair disk'. If you create a system image at the end of the process you have the option to produce a bootable disk to run the restore in the evnt of a sytem failure.
The facility is still there exactly as before they've just made it less obvious.
easiest way for you until you become familiar is just click on the windows start icon bottom left and type system restore in to the search box. It will display a sub menue - just click on create a restore point and it will lead you through the process without any problems.
I find it worthwhile to have a complete system restore available in case things get really screwed up. In my case my old desktop is running Windows 7 and it works fine, but after installing service pack 1 the graphics drivers wouldn't work and I only got VGA - due to it being an old ATI graphics card. I tried an old 'normal' system restore point but the graphics still didn't work. From experience of 30 years of 'small' computer system installaton, programming and support I had learnt the importance of a complete system backup and was able to get the system back to a state where the graphics card worked properly.
There is a lot of flexibility. I have used a DVD written on the machine in question, but for my two computers I use a second hard disk in the desktop and for the laptop I save over the home network to a NAS that stores all my shared files and woodworking videos. When you run the system backup option the first question is 'Where do you want to save the backup?' with choice of Hard disk, one or more DVDs or on a network location.