Is it possible to create isochrones (lines of equal travel time to or from a certain point) in ArcGIS? I have a street network, with the streets having a speed limit attribute, and I need to create a map of travel times to or from a certain point on the network. I know that isochrones in PostGIS and QGIS have been discussed here already, but what about ArcGIS? Also, I would like the final output to be polygons, not lines (i.e., the space between each two isochrones should be a polygon representing all land within a certain travel distance).
I know I can generate a lot of random point features, compute the travel time to each, interpolate that figure between the points, and reclassify the resulting raster into intervals as needed; I've since found that something like this has already been discussed in Using ArcGIS Desktop to create outline (isochrone) around points?, but is there a more elegant way of creating isochrones?