Walt Pinkston, via email
It’s still there, but this feature doesn’t physically trim files. Rather, you tell iTunes where you’d like a track to start and stop – after the poetry, please, and before the drum solo, for example – and iTunes makes a note of where to begin and end playback of the track.
You’ll find this option by selecting the track in iTunes, pressing c-I to bring up the Info window, and clicking the Options tab. Use the Start Time and Stop Time fields to virtually ‘trim’ the track. These trim settings transfer to an iPod, iPhone or iPad, as well as to a CD you burn from the tracks.