According to a colleague, he thought he saw something somewhere that stated there were issues during upgrades with the Site Directory template they came up with for 2010 so they just removed it...
But there is hope! Some MCS UK guys created a solution and placed it out on CodePlex. This site directory solution has a few sweet features like scanning for new sites and deleting old ones that are missing (including being able to configure how many times a site must be missing before being removed).
There is a good install guide up on the CodePlex site (make sure to take the time to walk through it).
There are multiple features that are installed and need to be enabled at the site collection and site level with the SP2010 Site Directory solution. Make sure to enable them on the site/site collection you wish to display your Site Directory. Once you enable those you get a list called “Site Listings”. This list will be populated with the information grabbed by the Site Scan Timer Job.
Once those features are enabled, go to Central Admin and make sure that the solution is deployed to the Central Admin web app also (or else you get an Admin Pages error). Configure all the settings for both scan and delete. Then go to the Timer Jobs and manually kick off the Microsoft.MCSUK.SPSiteDirectory2010 Scan Job. This will populate your list.
You get one web part (that I could find) to work with. It displays the current sites information:
Not really a Site Directory per se. So, I then added a Content Query Web Part and configured it to point to the “Site Listings” list. This new CQWP is sweet. You can tell it what column to use for Title, Description, Link, and Image. I configured it for the following:
We now have a web part that acts more like a Site Directory.
Thanks again to MCS UK team for putting this solution together!