They replaced it with the history eraser button. It's now a shiny red candy-like button, but we don't know what will happen if we press it. Maybe something bad, maybe something good. We just don't know.
I never used or even noticed the history button, but after people started crying about it being gone I became upset and missed it terribly. So I am glad it's back.
IMPORTANT: the History will start right now, so it will build based on your navigation from this moment on. It will retain its records for 30 days, so it will always be dropping entries and refreshing along the way.