I love it! Seems like it'll help them keep the cost down and get a better adoption rate for these things. Besides, who wants a controller you can't be a little rough with? Seems like you're just asking for trouble playing meat boy with a controller that'll break when you throw it across the room. I'm sure the familiarity of the button layouts will make it less scary for the public as well.
The traditional button layout seems like it'll make a lot of traditional 3d games a lot more playable. I wasn't sure how a game like Metal Gear Rising (for example) would play with the weird button layout but with this it's super easy to imagine. GG Valve