In short, it has its benefits, but Apple should go back to the drawing board on this.
Apple should also question the development process that led to its release.
Not knowing Apple's verification & validation processes, could it possibly have been the case that the vast majority of beta testers (be they in-house or external) provided high levels of satisfaction and success with operating the remote, and did not encounter the significant levels of frustration and dissatisfaction expressed by many in this thread?
Sure, one could learn to ride a unicycle or pilot a helicopter successfully after a not-short period of acclimation and adjustment. But the ATV4 remote definitely deviates from the "it just works" approach Apple used to subscribe to across the board, vs this "gotta keep practicing and being diligent to not hold & touch the d*** remote a certain way, and google how to fast forward and mute and etc. etc. etc."
Could this remote possibly have passed their v&v process and been declared consumer-ready? Or just pushed out the door?