The answer...
Yes it is there momentarily.
But...
On pre-release software the menu option was available to assign it to a long press of the back button, however due to a bug in the retail software the menu option has been removed even though in the instruction manual tells you that its there.
So What happened?
Some digging by models looking into the official roms from HTC have discovered that on pre-release software a simple Model Identifier is in place to allow the menu option, but it looks for the pre-release model iD and not the retail iD which changed slightly. Simply changing this model iD puts it back and that's how the rom makers have put it back.
It appears to be an oversight, bug and should be restored in the next software update. Until then yes the pesky menu is there in some applications. However in most applications it isn't but that's no consolation.
So what does that mean ?
If you flash a rom you can get rid of it now, otherwise we'll likely be waiting until HTC roll out the 4.2.2 update they said would appear a month or two after launch.
Ah i see.
Thanks for restoring my faith in the One again lol.