The remittance advices are working (you should see the option under receivables->Reports) though the pdf could do with a little TLC. There is a script for printing a cheque (PrintCheque.php). I think ass more of the world moved from cheques to bank transfer this functionality got left, but I do remember using it a few years ago so it could be made to work again.
My Payments screen prints remittance advice when using "Check" as payment type. I have modified it to fit our pre-printed check forms. There are 3 section. 1 for the check, 1 for remittance advice that goes with check (includes Reference (invoice) and account number, and final section is a repeat, to be torn off and filed with original invoice.