It kind of lives on, on the Apple TV remote.

You know that ring around the main button, that kind of functions like a D-pad with four arrows?

If you're paused while watching something, you can drag your finger clockwise or counter-clockwise around the ring to seek forwards or backwards. It's really nice, much finer-grained control than normal skipping forwards or backwards.

The wheel doesn't actually spin, but it also doesn't really need to.