There no longer is a recovery slider in ACR7/PV2012 (still there if you switch to the older PV2010 and PV2003 in the camera calibration tab though). If you look, many of the sliders have changed.
The closest thing to recovery now is the highlights slider, which will essentially do the same thing (i.e. recovery highlight detail) but in a more controlled and focused manner. Basically, you need to spend some time learning how the new tools available to you work: takes a bit of practice (in fact personally, I'm still learning how to get the best from it as I'm sure many are), but once you start to figure things out I think you'll find that the new processing cabailities in ACR7 are far superior to earlier versions. There are plently of tutorials out there that can help: many will be focused on the develop module in Lightroom in LR4 (as this was released two-three months in advance of ACR7), but the sliders operate in the exact same way so they'll be an invauable learning tool. Also try the Adobe forum for LR - plenty of good advice on there. But above all, just take some time to practice and figure thnigs out.
I find a combination of the "Highlights" and "White" sliders do the function. Be careful to not reduce the Highlights too much as it will darken faces before you use the Whites to complete the job. The Whites sets the white point and has a major impact on clipping.
PV2012 (ACR 7.x) does automatic highlight recovery. As others have stated, the Highlights control, is the most like the old recovery control. The highlights control does much more than the old recovery control. The exposure control, while having the same name, operates differently than the old control. The old one would easily blow out the highlights and the new one won't.
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