I just bought MM 15 (I've had the MM 10 for the longest), and I can't find the "reverse" effect option anywhere. Where is the button? Is this not a standard option anymore? Or can someone guide me to the source?
You're right. They have removed the feature from the menu's, but it can still be done.
Just select the audio object/segment you want to reverse and press CTRL+B on your computer keyboard. That will do the trick. It's purely non-destructive, too.