If it still exists, luckily, you can still use it.
If it is not there, then it is not there as their annoucement has clarified it.
Dolby Virtual Speaker is just a minor and virtual (not real) downmix feature to provide emulated surround sound by post-processing the multi-channels audio to be played on 2 speakers,. (I prefer calling it fake surround sound)
At professional audio phile wise, more processing means more possible interference, distortion, etc.
If you really care about the actual audio quality and surround sound effect when playing such audio, I suggest you apply the actual surround sound speakers or headphone setup, and then you don't need the virtual speaker to upmix or downmix any more.
BTW, powerdvd sill has the TrueTheater Surround feature to process the downmix if you really need the virtualized surround sound on 2ch stereo speakers setup.