The file manager in cPanel is the closest thing to that as far as I know for this host. In my opinion it is much better to have it this way, you get a lot more freedom and control over how your site is structured.
Most hosts have it this way. There are sites that offer such service as you ask of though, right now I can't really remember any of them, but I did use them a good while back, before I got into php. I think that msn possibly have that, but i'm not sure.
The downside to that option is the rather long, hard to remember urls some give, usually of this type: user.sitename.com/your_user_name/ some rather long with a few folders in the address.
Well, you could possibly make it work in that way, by installing some nice php script (cms script) but I never tried any of that