There is a problem in this update that causes "Vibrate on Touch" to be always on. The setting still exists; it just doesn't do anything.
This appeared on my Razr Maxx with the 4.1 update. It appears to happen on 4.1 across the board. This is also verified on a Droid DNA running 4.1,
Personally, I find the vibration feedback extremely annoying. If you also do, you might want to refuse this update until things get sorted out.
++PLS