It's official, I hate on-screen buttons

Been using a Note 2 for the last year, but couldn't resist the $250 Nexus 4.

Was OK with it being smaller, as I wanted a more pocketable phone, but OSB take up valuable real estate that makes no sense considering the space on the bezel below.

Other than being customizable like on the LG G2 and rotating with the phone orientation, I really don't see any significant positives of OSBs.

Am I missing something here?