Hi Bob !
Performance Point is a Separate tool for creating Reports / Dashboards comes with SharePoint 2010 and onwards.
Please have a look at below link to get pros and cons for both Reporting Services and Performance Point Services.
http://www.mssqltips.com/sqlservertip/2737/sql-server-reporting-services-vs-performancepoint-services/
PPS is not included in the release of SQL Server 2012 as well.
http://www.microsoft.com/sqlserver/en/us/editions/2012-editions/business-intelligence.aspx
Please let me know if this helps. Hopefully i have answered you correctly.
Thanks, Hasham Niaz