Flatten Comp does a mixdown though, doesn't it?
If you're working with clips which are not a comp, or even if you have comped something but would rather retain the original clips but simply have them take up less space, flatten comp won't help.
Rebuild Layers worked pretty well to help use space efficiently when working with clips. The only way in which it was buggy was that it wouldn't always keep the layers in the same order, and it was a mystery how it behaved.
Actually one thing that is greatly improved, and seems related to the rebuild-layers-ordering problem, is the way the track now shows the actual audio being heard rather than a hodge-podge of muted and unmuted clips. It could use a bit more polish when displaying overlapping clips, but it's enough to make working with clips better in X3 than pre-Lanes Sonar, in my view.
I know it seems hard to understand how different people use the same tools differently, but for people who are working with clips outside of the standard comping workflow, a return of the "rebuild" functionality would be really helpful.