I completely agree! Not having this feature is such a pain, I do not understand the need to get rid of it. The new simplified "WYSIWYG" editor is a joke and a huge time sink.
We ended up reverting to the legacy editor as there was no benefit to the new editor, only made us prone to user errors such as forgetting to "copy from HTML".
You can revert to legacy in Admin > Email > Edit Editor Settings > Text Editor Version: Legacy
So much functionality lost. Jennifer's suggestion of reverting works for the email editor which is good (although I wish this had been made clearer in the release notes). BUT ... the text editor for Tokens did not revert. We need the legacy editor everywhere - we use it constantly to position graphics, change font treatments and colors (with hex equivalents), etc. Please revert the editor for Tokens as well asap.