Ok now that I have use of BOTH of my hands, I think I will type a slightly more coherent comment in here. haha
I really do like the way it shows only the most recent apps at the bottom. I think it is the most effective way to quickly "multitask" between whatever apps you are using at that moment. Like you mentioned, you're favorites can go on the dock or page one. At first I didn't think I would like how the apps stay in the quick launcher for all eternity (basically), but now I've come to realize that it's better than arbitrarily removing them, and it isn't hurting anything (also, I previously thought it would be a continuous flow of apps using real physics (like most scrolling on the iphone), not the "pages" of recent apps. I like the pages method)
My one qualm with the Apple method is you can't easily choose if you want to "multitask" or close the app. As mentioning above my prime example of this is when I use the TomTom app. Sometimes I like to use it just to quickly see how far I am from my destination, or if I am approaching a tricky spot on a trip. I rarely use it for the entire journey. But if I close the app the GPS keeps running in the background. So to conserve battery I always clear the trip, which requires a few steps to go through. And then I reopen the app again later and have to reroute the same route I was on before.
This is just one example that I experience, but I'm sure there are plenty of other instances where people want to be able to actually quit the app. Instead of keep it running.
I think a simple hold and release of the home button would be sufficient. It takes like 3 seconds to go to voice over, so I think if you hold for greater than 1 second but less than 3 seconds you would quit the app.