The x87 FPU is still available. It may or may not use the same hardware as the SSE units, and it may be faster or may be slower, but your CPU will still understand the x87 instructions.
So no, it is not a clean replacement (there are also things you could do in x87 which are not supported in the SSE instruction set)
But consider that if they suddenly removed support for the x87 instructions, every program which relied on it would suddenly stop working.
Ouch.