In ArcGIS 10.1, the Feature Construction toolbar is turned off by default and no longer appears automatically while sketching during an edit session. However, you can display it on demand by pressing the TAB key. For example, to create a parallel segment, press TAB to show the Feature Construction toolbar and click Constrain Parallel. You can press TAB again if you want to hide the toolbar.
If you want the Feature Construction toolbar to appear all the time when sketching and match its ArcGIS 10 behavior, you need to enable it yourself on the Editing Options dialog box. Click the Editor menu and click Options. On the General tab, check Show feature construction toolbar. This option is stored in the machine’s registry and applies to all your ArcMap sessions.
When the Feature Construction toolbar is displaying, you can drag the toolbar away from the sketch and it now maintains the relative distance (vertically) each time you click the map to add a vertex. Previously, the toolbar always remained a fixed distance from the sketch, even if you attempted to move it manually. ArcMap also considers the trend in the direction of your sketch when determining where to place the toolbar next. These enhancements make it less likely that the toolbar will get in the way of where you want to add a vertex.