Usually you have some sort of footage that will be imported, otherwise you wouldn't have anything to edit. So my workflow goes like this—even before the New Sequence dialog was removed (and I LOVE that it's gone!).
1. Visit the Media Browser to locate and import some footage.
2. Only after you have some footage, do you really need a sequence, right?
3. Choose which footage represents the parameters of your project (i.e. The footage from your RED Epic (4K), or the footage your client grabed on his Canon PowerShot (720p). Just an extreme example of mixed footage, mind you.
4. Drag that footage to the "New Sequence" button (bottom corner of the Project panel) and let go.
BAM! New sequence matching every setting from your best footage. Does that help?
I'm not in front of my computer with CC on it right now, though it sounds like it will take care of my problem. Previously I would drag clips into the Project panel and from there drag the first clip into the sequence/timeline and it would ask me if I wanted to change the sequence settings to match my clip's settings (thisi s how I made my sequence with custom settings before). It now no longer allows me to drag the clip into the Timeline to do this.
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1. This is normal. Premiere Pro no longer asks you to create a sequence when you start a new project.
2. This is because you don't have a sequence yet. Create one via any of the several methods available, and you're good to go.
Just to elaborate on Jim's explanation, the Timeline is a panel in the workspace. It's sole purpose is to display Sequences, which are basically project items. You can have the Timeline panel open without any sequences loaded or even present in the project [in which case the panel's tab reads "Timeline: (no sequences)], but you cannot view a sequence without opening it in the Timeline. (Well you can drag it into the Source Monitor, but you can't do any real editing there.)
Also, in case you want to create your sequences old-school by selecting a system preset or selecting custom parameters, you can still do this by going File>New>Sequence or by clicking the New Item button in the Project panel's lower right corner and selecting Sequence.