I think Google killing off SMS features is a direct results of Verizon adding an additional $0.0025 fee per SMS, which other carriers are sure to follow. The costs could quickly add up.
Especially with the great Android integration (Voice is used for calls from the system dialer, etc.) getting a transcript text is redundant because you're getting text via Voice anyway. I bet the transcript texts are just rarely used anymore.
I was just ranting about the dialer UI they added to the web UI, but after a few days they updated it so that it auto-hide if your viewport is narrow enough.