I haven't really been keeping up to date here, although I'm really hoping that this isn't like the 'go to top' button like the previous version but I cannot find it anywhere, has the user online icon been removed?

It appears in the profile card when you hover over a user's name. :)

When you hover over the username you will see a pop-up that contains the online/offline notification

Thanks...

I assume with a simple edit it could be returned to its orginal location aswell?

There is a hook in the marketplace I believe - use the search to track it down :)