I was dissapointed that this feature wasn't included in the new version. It works quite well in Foreflight: you only get voice alerts from traffic within 1.8 nm and ±1200 ft. For me this is about the distance where I can comfortably see and avoid another small aircraft visually.
Then again Foreflight costs $200 per year (if you want terrain included)! I also think the iFly interface is superior overall.