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The long press has always been nice when developers integrate it. But they don't always. First of all long-pressing a home icon currently is how you start moving them. So this would give an extra capability. But second of all—especially dealing with more complex interfaces and content—Force Touch gives you less of a margin of error for activating it. Sometimes the finger lingers on the screen. This UX interaction is more deliberate and would have a proper API. I'm not certain if there is an API for long-press or if developers roll their own code for that. An example is Tweetbot long-presses on the top back nav item quickly goes all the way back to your timeline if you've been clicking deeper into content. Tweetbot is also a good example of an app that has lots of custom design and interactions so they probably made it themselves.

Furthermore this could potentially open the doors for future iPhone models to remove the home button. It's going to happen eventually as devices are always simplified and reduced where possible to save space.

There is an API for long press, but not is not widely used by developers.
And there is an API for Force Touch on OS X, so we can expect a similar API on future versions of iOS.
I expect force touch on the new iPhone but many developers (like me) would introduce it slowly in their products since there are many users with older iPhones and iPads and you can't have a specific functionality on your app accessible only on a particular device, it doesn't make sense. It is ok to have shortcuts, but let's see how Apple implements it on its own apps, then developers will do the same in theirs.

I agree on the fact that force touch may allow Apple to remove the home button in a future iPhone and that would mean tiny bezels on the top and bottom that I'd really like.
 
In fairness to Apple, expect bugs in force touch and the applications that use it, let's not forget it's version 1.0.

By the time iPhone 7 arrives it'll be much better and more likely to have broader usability. That'll be the model to buy
 
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