I mean this.
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The new stretched camera bump coming this year (and next) could be the last iterations of this design.
I don't get what you mean, besides a folding device, which will be an addition, this type of slab phone is not going anywhere. It's just going to continue to improve, and inevitably get worse when they change things which work or add too much complexity. Camera Control is one sign of this. A camera button should merely be about the speed at which someone can get a photo or video off from anywhere in the OS. It most certainly should not have touch functionality, which the display is for. Touch Bar 2.0
This is how the "camera button" (what it should be called) should need to be explained: "This is the camera button, it's a way to take photos and videos quickly. Press this once to take a photo, press and hold to record a video, you don't even need to be in the camera app to use it. It just works."
A half-press, which more advanced users would be aware of, could offer the ability to "peek" through the camera from within any app, like a pop-up window that doesn't entirely fill the display. Letting the button go would exit this view, or when in this view pressing the button fully would snap off a photo, and seamlessly the user is in the Camera app. Fast, simple, useful.
This is what "camera control" should be, a simple button for taking snaps. "Wow, look at that over there!" *snap* *snap* *snap*. Easy marketability, easy to understand, useful to have.