I can agree to your assessment of capacitive buttons. I think what is being suggested here (or at least what I am suggesting) is getting rid of the "button" all together. If anything, have it part of the actual screen (a la Android 4.0). The only situation in which this wouldn't be ideal would be for waking the device, though I know I could easily get over that. The power button already doubles in functionality in that way.
I don't want software buttons taking up screen-estate on any level. The execution sucks on the GNEX and I dont want apple going the same route.
As for the home button, if there is a way to implement a solution that is button-less, without breaching the seamlessness the iPhone currently offers in user experience, I am all for it.
Gesture based could work if it can be performed with the thumb only with minimal accidental actions. Two finger gestures on a phone would suck as phones are one-handed operation devices...unless we are talking about obnoxious abortions like the Galaxy Note.
Maybe a swipe up from the bottom action with the thumb...