Make it bigger, bump up the specs, add a fingerprint reader. Still no 64-bit CPU, and no metal case. Lemme guess, the tech press is gonna lap this up as "innovation" because the checklist also includes a heart rate sensor and 64-bit is a "gimmick" until the phone reaches 4 GB of RAM, right?
I use a swipe sensor on my company laptop everyday -- it's not even close to what TouchID accomplishes on a mobile device. Placing a swipe sensor on the home button ensures that probably the majority of buyers won't use the feature or give up because of its awkward ergonomics.
TouchID works because it secures the phone and the regular usage only requires one step. I use a 5s with a car mount, and I can unlock the phone without taking my eyes off the road. If I had to enter a passcode while driving, I very well might have opted not to secure the phone at all.
With the exception of the 5s, the majority of smartphone users don't secure their phones, because entering a passcode or gesture requires an extra step and/or using the phone with two hands. Samsung hasn't solved anything, other than their marketing problem with this fingerprint reader. In fact, it might even be a worse design, because at least the rear-facing fingerprint sensors on Motorola and HTC phones can be more easily used with one hand.
Also, has Samsung mentioned anything about how the fingerprint image is secured? We know that Apple stores the fingerprint data in a secure enclave, and takes the extra step of matching each TouchID with a serial number on the A7 SoC. That Sammobile article from last week mentioned that the fingerprint image will show up on-screen. For whatever reason, that does not sound especially secure.