I wonder if it's not in the settings because it is in the native resolution of the new iPhone, and Apple didn't want to make it too accessible because they didn't want to give that away just yet.
Just a guess.
I hope not (at least I don't see why). I have restart the iPhone multiple times and even re-restored the iPhone just incase it's a bug. If it ends up being a non-3G feature, that would be lame! 🙄