I have many more instances of failure/annoyance with Face ID than I had with Touch ID, but this will vary from person to person because of differences in physiology, preferences, and circumstances.
The home button had one main advantage in that it was an easy, consistent way to navigate to "home" and "app switcher", even if the phone and app/UI on screen were in different orientations. With the swipe from bottom edge gesture, the bottom edge will change depending on how you're holding your phone (or which way it's sitting on a stand or mount), which app/UI is open, and whether lock orientation is on. It's less automatic as it can take a moment to figure out which way is "bottom" depending on the app. And then if holding the phone with one hand and the "bottom" edge is the opposite edge from your thumb, with how wide phones are these days, it's more difficult to reach across the screen to swipe from that edge. I find the inconsistent "bottom" edge and sometimes having to reach across the screen to swipe a little annoying, especially when switching a lot between apps that force different orientations. The button also allowed for a bunch more ways to initiate different actions (via single/double/triple/long click/tap).
The benefit of the swipe gesture is obviously that it allows for a bezel-less design (although I personally don't find that as valuable as others), your thumb doesn't have to reach down as far when using the phone with one hand, and it's more consistent with iPad gestures. Note with iPad though, the bottom edge is much more consistent because pretty much all apps/UIs are supported in both portrait and landscape. I do find it annoying that one orientation or the other is forced so much in iPhone apps/UIs.
So what would be ideal for me is if my phone had both the button and the swipe gesture, just like my iPad Mini 5 has. I don't really care about going bezel-less, but I know I'm in the minority there.
