Taxonomy Vocabulary Hierarchy missing

While creating/editing taxonomy vocabularies, there is no option available for Hierarchy setting. Terms can still be hierarchical for vocabularies created earlier with single-parent hierarchy. But new vocabularies are created with no hierarchy support, ie, flat.

All vocabularies support hierarchy now, and the setting is decided by whether you arrange the terms hierarchically in drag and drop, or add parents on the term edit screen - so you don't need to decide now when you create a vocabulary, instead the module keeps track of the actual state of the vocabulary as it develops.

Thanks for the clarification. Documentation at http://drupal.org/handbook/modules/taxonomy ('Working with Vocabularies' part) should be updated accordingly.

Is there a way now to pull up the hierarchy depth or other information in Views?

There is now...
http://drupal.org/node/769136