That's not just an option in 1.1, it's the default. :)
I've mentioned before that the chief reason 1.0.x starts with a pre-generated world was because it was an entry in a "Procedurally Generated Game" contest. Now that that contest is over, there'll be a lot less stress on the game automatically generating stuff for you. (Though that'll always be an option).
This weekend, I've been working on interface issues. Number one on my list is that I don't like either of the toolbars. They're both too big and chunky and just get in the way far too much. So I've been working on whittling them down into something a little nicer. The top toolbar has now been split into two; one in the top left corner with subscriber information and time controls, and one in the top right corner with time and cash information. This frees up the top middle of the screen, which makes a really big difference, especially in widescreen aspect ratios.
I haven't toned down the left toolbar yet, but my current plan is to bevel the buttons a little (like the ones in the title screen in 1.0.x), so that they feel a bit less blocky, and to make the toolbar collapse when not in use. Also, I'm making the "active button highlight" less painful to look at.