As previously mentioned, above the loop settings menu is the new navigation timeline. The timeline has several features:
Clicking on the triangle navigates directly to a rehearsal marker.
Clicking and dragging on the navigation slider will show you timing information and you can "scrub" the audio.
The time display shows the total song length in minutes and seconds. The display can either count up (default setting) or down to 0. If you want the time display to count down rather than up, just click on display number. Click again, if you want to change it back.
The measure counter is the indicator of the measure currently playing. It is a static display and can't be changed by the user. If you want to start at a particular measure number, use the loop settings.