Without entering into the two-button/one-button debate, this seems like bad user interface design. Devices should to some extent *look* like what they *do*. By disguising a two-button mouse as a one-button mouse, Apple has added functionality that is not *visible* to the user, creating the potential for user confusion. From a confused user's point of view, the same action would produce divergent behavior.
Am I the only person who thinks that Apple is putting aesthetics (the seamless look) ahead of functionality?