As part of the changes for #13747 we renamed is_post_type to post_type_exists() as that is what the function really meant.
We have also dropped is_post_type() as it was a new 3.0 function and we want to be able to implement a is_ function later without suffering from backward compatibility issues.
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Peter Westwood
Morgan, 
Dougal Campbell 6:01 pm on June 11, 2010 Permalink
Good change. It didn’t fit in with the usage pattern of the
is_*()conditional functions. ‘Exists’ is much more clear.John James Jacoby 6:44 pm on June 11, 2010 Permalink
Man am I happy about this.
Mike Schinkel 8:14 pm on June 11, 2010 Permalink
Good call!
hakre 7:15 am on June 12, 2010 Permalink
For the full picture, some older is_ functions are now deprecated:
just put an _exists behind the thing you want to check and you’re fine.
Morgan 1:55 am on July 23, 2010 Permalink
huh. So how then do you do a condition statement if (is_post_type(‘custom post type’ )) { } ?