I'm all for this. Getting rid of the button and replacing it with 3D Touch would be great. Plus, with iOS 10's new unlocking step of pressing the home button, this actually makes a lot of sense. A little foreshadowing by Apple, possibly? 
iOS 10 Beta shows that there will probably be some news to the home button, as seen with the new lockscreen (to unlock) gehsture - it's quite foreseeable, that there's some major changes regarding this topic. Hopefully some surprises as well!
Jeez, the rumor mill is so fickle. Just like my girlfriend.
Would be something else if they can manage to make the entire bottom of the phone the home "button", similar to the trackpad on the Mac. No matter where your thumb sits, esp. with the Plus models, you can still access it.
And it would be a good logical step in moving users over to the future where Touch ID is embedded in the display and to give Apple the time and opportunity to work out the kinks to transition to a full display front face
Can't innovate anymore my ass!
So a Samsung galaxy?now how about some rumors of a thicker phone for more battery with a flush camera jack, retained headphone port and a micro sd slot for expandable storage...
One can dream...
The correct way is:
HOME BUTTON
Jeez, the rumor mill is so fickle. Just like my girlfriend.
I'd be fine with this as long as:
1. Accidental taps are ignored - I've used a Samsung GS5, and if your hand grazes the back/multitasking button you are immediately removed from whatever you are doing. Terrible UX. Apple can do this by requiring a certain amount of force and providing real time feedback.
2. They add home button swipe gestures - something like swipe up to go into multitasking, swipe left/right to switch between the last apps.
Given the unreliability of each of the home button rumors, the information should be viewed with some skepticism until confirmed by a more reliable source, but when viewed alongside rumors of improved waterproofing and the removal of the headphone jack, a flush home button is not a rumor that seems entirely out of the question.
Can't help thinking the concave nature of the home button served an actual usability function. Haven't Apple's designers learned anything from Can'ttellwhichwayupmyAppleTVremoteis-gate?
"... iPhone 8, coming in 2017."? Shouldn't 2017 bring us the iPhone 7s?
Whoa... A flush home button. Are we getting excited yet!?