You can still do that they just changed the name. Where the unsubscribe thing was there is now a drop down that you can uncheck put posts in your your feed.

Found it, that's a pretty odd design choice actually, that button doesn't look like it's going to trigger a dropdown, in fact it looks like it would unfriend the person if clicked.

Click the arrow, and hit hide post.

Then click 'change what updates you receive from X'

Then set it to only important or none.