Correct, that was removed for the Beta. It was in the Developer Preview as a temporary measure since first-chance/user exceptions support was not completed in Visual Studio.
In Visual Studio 11 Beta, you can control breaking on exceptions behavior through the Debug | Exceptions dialog. By default it is set to break on any user-unhandled exception; you can also enable breaking automatically on first-chance exceptions if
needed.
Hope that helps.
~Gearard
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