While physical switches would be nice, and I generally am a fan of them, IMO they still require trust in the manufacturer.
If I don't trust their software switches, why would I trust their hardware switches?
If I don't trust their software switches, why would I trust their hardware switches?
One of their hacks, IIRC, was that they turned off the standby light so it would appear the TV was shut off.
Other macs may be like this too.