The Home button is a very functional feature; the Touch ID alone has demonstrably changed the way I use my phone for the better (i.e. I actually have security enabled whereas before it was too much of a bother for me).
Complaining about the bottom bezel and then clamoring for onscreen buttons makes no sense to me; why waste screen real estate with buttons that you may or may not be using at the moment when you can stick something on the bezel and let the screen be for displaying content? Yes, the Android screen buttons can be dismissed by some apps, but you then have to go through more steps to get back to the homescreen whereas the iPhone home button gets you there in a single click.
I do not like the onscreen buttons; I feel like the Home button on the iPhone is more functional in general (again, particularly with Touch ID) and as others have pointed out, is a big plus for the disabled community.
I'm sorry, but if you're disabled then one button which has extremely limited use is not going to help much. Touch ID can be incorporated elsewhere, it does not need to be on a large button. It could be anywhere on the bezel, or even the screen itself. A physical button, which is a large part of the UI on a touchscreen phone in 2014, is old tech. A home button is a home button, it doesn't need to be 'old school'. If physical, hard buttons are so important, then why isn't there a slide-out keypad? The phone is touchscreen, the keyboard is touchscreen! I would ask that if someone cannot operate the phone unless they have a physical home button, then how exactly do they utilise any of the other features??