It is, but not by default, and the location requires some drilling. (Run shell:quick launch, or go to C:\Users\\username\AppData\Roaming\Microsoft\Internet Explorer\Quick Launch
Place a shortcut to it in the Send To folder (Run shell:sendto, or drill to C:\Users\username\AppData\Roaming\Microsoft\Windows\SendTo, and send shortcuts to it.
MS seems to see users mostly as children who need big icons and need to be protected from self, and should not want to know things like file details, extensions, hidden files, or want much customization, and should not miss something like the Start Menu and Quick Launch bar, as instead they should just pin a dozen things to the Task Bar, if they even use a dozen things .
But i guess most people only use a PC for a few things.
Quick Launch
IIRC Quick launch was very very easy under XP. With 7 you had to do the detective work you describe plus get rid of the text description for icons plus........ put the quick launch icons in the lower left corner. Just where I like to locate them.
BUT
All worth it! Then with the program pinning feature I kinda have two sets of quick launch icons which is good for mentally organizing your frequently used programs
Then lastly (like I said) I put the entire task bar on auto-hide. 90% of Windows users never do anything like this and I will tell you why>>>>>>>