The menu extra stub is still present, but there's no way to configure it -- the Accounts preference pane doesn't have the options that the menu extra refers to.
You can get at them if you enable the menu item, then select "Mobile Account Preferences" from the dropdown. However, this is as far as I've gotten because I don't have the ability to test to see if this works.
I don't think that's what you think it is. The Home Sync menu I'm familiar with is for mirroring a network home directory on your local disk, in conjunction with another machine running Mac OS X Server. As far as I know, this feature has nothing to do with portable home directories on iPods.