No. It is just gone. Done three updates now. All worked, but no splash screen.
Real brown trousers experience if you are expecting to see it and you are thinking your system has croaked... I expect we will see it return with the first update as a reassurance to users who think their system is dead.
I noticed with the new update mechanism that (at least for some updates that require a restart) it applies the update after switching the UI off. I know that a common cause of screwed up updates were down to people messing with their systems during an update. Looks like Apple have taken steps to cut down on their support calls