I kind of miss the menu from 0.6 too, but I understand why they wanted to simplify it.
The bleeding edge build now has new equations for skill, chance of success, and failure level. The details are in this post, but the takeaway points are these:
[ul][li]Intelligence is now just as important as electronics skill. First aid also helps, mechanics helps slightly.[/li]
[li]Improving skills/intelligence boosts your success rate more than before[/li]
[li]Installing bionics with 80% success rate or higher is pretty safe. Only pain or damage if you fail. No losing all your other hard-earned bionics.[/li]
[li]Installing bionics below ~60% success rate is now more dangerous.[/li][/ul]