No you haven’t missed anything, the viewport rotation function changed from V5 to V6. Terrible/unusable it is not, but it takes some getting used to. You will find the need to recenter the view rotation more often than in V5 or earlier; via a Zoom>Selected or a Zoom>Window on the desired object/area (in your example above, the bolt). Once centered correctly it behaves much like V5, but it has a tendency to lose its center more often.
Some related posts:
(check out post #6)
Also, make sure you have “Auto adjust camera…” checked as below:
