I think the elongated home button will be pretty cool. Depending on the exact functionality it adds, of course, but from what the various rumours suggest, I think I'll like it...
I may be wrong, but I think Samsung already started using it. Their new tactic may be to use inside knowledge of Apple products to imitate features before Apple releases the devices. It is easy to do, for Apple to release they need 10 million devices and Samsung only needs 250-350k.
People are completely underestimating the convenience and utility of a multi-function home button. As long as it keeps the same functionality of the previous iPhone no one should be against it. I really hope it can be used to swipe through home page or scrolling. Would be wonderfully helpful.