One button for multiple actions works really well when done correctly. Ocarina of Time uses the A button for everything and it changes on context. Miyamoto liked it so much he designed the Gamecube controller that way to center on one primary action button.
But if games don't keep up with the context-sensitive application of a multi-use button, then the whole concept stops feeling innovative and is just annoying.
Can you tell that I take breaks from writing lit reviews to comment on here?