Don't think it is part of CMF 1.5.
The CMF has a property tool from the very onset.
Plone overrides it to make it folderish in order to be able to put property sheets in there but this is a policy decision at the level of Plone which the CMF itself doesn't need to care about.
I agree, however, that the property tool as it comes with CMFCore/Default is somewhat counter-intuitive (to me at least; it doesn't even subclass 'PropertyManager'). If I understand correctly it is meant as an additional layer of abstraction to access the properties of the portal object or thatever other properties you make it handle.
Raphael
Suresh
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