Which model are you using? I'm disappointed with this update on my ipad 3. Transparency has been nearly fully disabled, but not sure why, because it hasn't increased performance very much, there was no problem with performance previously with it enabled. Hoping it's just a temporary thing
Pinch to close apps completely freezes my ipad too which is disappointing because I use that a lot, never use the home button normally, but I have had to disable multitasking gestures.
Also, as I mentioned, I usually solely use gestures to navigate my ipad, never use the home button, but with ios, that doesn't seem to be 100% possible. If you open newsstand then there is no way out without using the home button