Stick with me on this one. Read it all the way through. Some of the things I'm about to mention are going to make you want to jump right to comments. Instead. If you would, please hear this whole idea out to the end.
Jony made the prototype that I'm about to explain (Roughly 18-22 months ago) but it was shut down. The prototype was for an iPhone with an ovular home button had capacitive touch functions as well. From the people I've talked to, it was probably shut down at the point in time where iOS comes on board. But now that Jony Ive is essentially in control of "the whole widget" when it comes to "Human Interface" on the iPhone, I believe we will see new devices that have oval shaped home buttons.
The majority of Apple's native apps utilize the "Table View" organization of information, and of that majority, again most utilize this function in a large way. Calandar, Contacts, Phone, Weather, Mail, "Music"/iPod"... the list goes on further.
For "Music" for instance, once you're at the song you want you're 3 taps in. The top of the screen is use for navigation a "Back" button of sorts. Why not remove the "Back" button and put its functionality on the home button. No more "Back" buttons and a cleaner UI. Also... wanna skip a track on your iPod and leave the device in your pocket? Swipe the home button. Again, forward and back in Safari? Swipe.
The uses are endless. I don't know why this prototype didn't get made. I believe Jony came across something really Really remarkable and then was shut down from Forstall because it required too much work for Forstall.
So ... I'm wicked beat right now. Cant even get this link to show me the image I had for you guys. Sorry for any typos I failed to notice. I'm sure there will be a lot of "but you forgot to think of" which is probably pretty untrue seeing as how I've been thinking about this for over a year now. But if you have UI questions about the approach, bring em. iOS 8 and the iPhone 6 (not 5s) in 2014 will be an even bigger change.