I've updated to v.11 on both my machines, a Windows-7 PC and a MacBook running OSX 10.6.8 and on both of them the "Check for updates but let me choose whether [not 'when'] to install them" option is still there (you need to remember to click the "Update" tab at the top of the Advanced menu to get to it).

I do notice however then the "Update add-ons" option is no longer there, and the only other tick-able box is the "Update search engines" one.