"- Using revolving 'scroll wheel' motions on the home button to navigate through multitasking app listings"
Such a shame you can't just touch the screen and perform scrolling actions.
Don't be so close-minded. Imagine being able to scroll through a webpage or flip through a book without having to obstruct the content with your thumb every time.
This would also be great for games where you steer by moving your thumb around a small area of the screen. In this way, your thumb gets out of the way and you won't get out of the steering area that easily.