I was actually thinking the same thing. I also was reading about the concept of having a sapphire screen on the iPhone 6; it suggested it was a sign that touch id would be integrated into the display. If this is true then it'd be great of the home button didn't exist anymore.
I've been using the Motorola moto x for the past 4 months and I can't say that I miss the physical home button. It helps that the Android on screen buttons are much more sensitive than iOS Assistive Touch. They work really well!
If Apple does this, that is a lot of incentive!