Don't compare it to a conventional AT, compare it to a conventional MT. The CVT and the MT both have direct engagement between engine and transmission through the clutch. In an AT, there isn't a direct engagement as the torque converter (TC) acts in the place of the clutch. There is a deliberate amount of sloppiness and slack in a TC. That's why engine braking doesn't work well in an AT car, due to the slack in the TC. The CVT has this feature more in common with an MT car than an AT car.
By the same reason, if you're going downhill with a MT car, and if you have the clutch disengaged, then you won't get any engine braking either. Engine braking is delivered via the engagement of the clutch, in most cases you don't even need to downshift to get engine braking, you'll get engine braking by just taking your foot off the accelerator (and clutch, of course). Of course, if you want even more engine braking, then you downshifting and again take your foot off the clutch and accelerator.
In a CVT, you will actually never use the clutch most of the time, the only time it'll be disengaged is when you're at a complete standstill, such as at a stoplight. Most likely the CVT's clutch is fully automatic, so you won't even have a clutch pedal inside the car. The CVT can adjust its gear ratios without requiring disengagement with the clutch. Since the CVT can both upshift and downshift without a clutch, that's where Kaboom's comment about there being too much engine braking comes in. Since the CVT is automatically downshifting, you'll likely get too much slowdown, compared to an MT car, since you're only downshifting at discrete intervals on an MT car; whereas the CVT is downshifting constantly.
You don't have even small hills where you live? You don't need to do a full blown test down a big ski hill, just any place will do. Even on level ground, engine braking will still work, just let off the accelerator pedal without braking and see how quickly it slows down. An MT will slow down a hell of a lot faster than a conventional AT, and I'm willing to bet that the CVT will be quite comparable to an MT in terms of engine braking.
Yousuf Khan