Did they remove the ability to adjust input/output levels for just the highlights, midtones, or shadows? I see all the color wheel controls and sliders for each segment, but can't seem to figure out how to isolate, say, the highlight input level, to adjust just the input levels for just the highlights without it affecting the midtones or shadows.
Yep. I put up this same complaint a few weeks ago. They neutered the 3way CC. Being able to target input\output levels to highlight, midtone, or shadows is a big deal. I am baffled at why they thought this would be better. Part of the reason I like CS 5.5 better and recommend to people not to upgrade from 5.5.
Another way of doing what you want is more like the methods higher end grading / CC applications use. eg DA Vinci Resolve.
These are usually nodal and hierachal (sp?). ie. they apply more than one effect to the image in a "line of applied effects". THe order of them can make a difference.
So example in Premiere.apply ...Levels Effect then a 3-Way .