Yeah - the three buttons I can live with. There's something kind of nice about having a physical End Call button though.
However, I personally rely on the notification light loads. I have different colours and blink rates meaning a variety of things mostly thanks to the Missed Call app - missed calls, sms message, GMail, Calendar, etc.
It was bad enough when the Nexus One and HTC Desire came out and it was found out they could only be one colour, despite the Nexus One actually having a multi-colour LED. I thought I could live with that, I mean at the end of the day whatever notification I have I will pick up the phone and look at it - so one colour I can live with.
But no LED at all? I'd have to be constantly switching my screen on to see if I've missed something. I guess if you've never relied on a notification LED you could live without it, but it's one of the features I've loved most about my G1.