I also have the newer version and noticed the lack of relay function in the unit. Quite a pain actually because during a power outage, even with the modem, router, switch and OBI110 on a UPS, there isn't a guarantee the cable company will maintain power on their side. In fact during power outages, even with my equipment on a UPS, I do lose internet access (thank you Comcast).
I guess OBI wanted to save the $$$ on the cost of components stooba has listed above. Thank you for the breakdown and photos. Those are exactly the parts needed for a fallback.
Although it's possible to connect the cables together during a power outage to take place of the missing relay, I'd prefer not to fiddle around with cables in the dark. It's easier to leave one lesser used phone hard connected to the PSTN side as an emergency phone. My land line company is a bit more reliable than my ISP.