This setting can still be found by clicking the "Edit" button at the top of your friends list on your timeline. The setting is now called "Who can see your friend list on your timeline" and the description of the setting has been clarified so it now reads: "Remember: People can always see mutual friends and your friends also control who can see their friendships on their own timelines. If people can see your friendship on another timeline, they'll also be able to see it in news feed, search and other places on Facebook."
Re: FB ?
From Facebook:
This setting can still be found by clicking the "Edit" button at the top of your friends list on your timeline. The setting is now called "Who can see your friend list on your timeline" and the description of the setting has been clarified so it now reads: "Remember: People can always see mutual friends and your friends also control who can see their friendships on their own timelines. If people can see your friendship on another timeline, they'll also be able to see it in news feed, search and other places on Facebook."