I wrote a script that replicated some of that "lost" functionality with .mxts, I found it surprisingly easy to write/modify text based on what you want. I run it as a stand alone script to export PDFs that dynamically set the author/date/title as well as data populated by the selected area filled into predefined text elements.
I am working on creating a Tkinter GUI for it now to make it a little more user friendly, but this entire process could easily be loaded into a script tool in arc. The reason I didn't go that direction is that I find the overhead of having to open Arc, find and open an .mxd, zoom to where you want to go, then run a tool to fill in the text elements you want, too much when all you want to do is print or export a PDF of a map you've already set up.