Is EM Centralized Analytics module replaced with LTM v11 Application Visibility and Reporting module?

I believe it still exists. It's still mentioned on the f5.com EM website and in the data sheet. I also still see it referenced in the v3.1.1 manual here: http://support.f5.com/kb/en-us/products/em/manuals/product/em-health-activity-monitoring-3-1-1/6.html.

AVR is, as you suggest, related to a single device but is required in order for EM CAM to manage Analytics on/for that device.