Is no content going to be visible in the margins? Is content confined to just the safe area?
There's no simple answer. Many apps respect the bottom safe area. For instance, the Photos and Messages app doesn't display any content in the bottom gesture area. The top status area (ears) are taller than a conventional iPhone. This means the advantage of the taller display of the X is largely negated. So users are left with a taller, but not usable display. In apps like Safari, content is displayed in gesture area while scrolling.
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How is it a legitimate complaint? This phone was never marketed or meant to replace the Plus so the complaint that it has less screen area than the plus really isn't a legitimate complaint.
If it was meant to be replacing the Plus but had less usable area then that certainly would be a legitimate complaint.
The iPhone X is marketed as "the future of the smartphone" meant to replace existing iPhones. Apple's product positioning couldn't be more clear.