The future, yes, and how they disappear is nice. But IMO Google messed them up on the Nexus. The average user isn't going to root their phone and flash a custom rom to get the software buttons the way they like. Maybe a future version of ICS will give the user options.
It's not why I returned my Nexus, either, but I use the buttons all the time so the capacitative buttons are a non-issue for me, and I don't watch hardly any videos or play games to miss how the software buttons can disappear. Curious to see if any roms can enable the capacitative buttons to work as notification lights (notification light is another minor nitpick on the Nexus, Rezound too)