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I hardly every use it, but I would not want it to go. Although it might look cool with the bezel being completely flush and no buttons.
 
I think it's still required on the iPad, although I don't use it as much as indidnwith my two. Where it could be done away with, ( and make room for a larger screen) is on the iPhone. A virtual home button would enable Apple to easily increase the size of the next iPhone.
 
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