I don't like it either, but for a different reason. This is an example of narrow thinking: let's solve an immediate issue, rather than rethink the whole problem from the ground up.

How often do you need to control a single light that is in a different place than where you stand?

The problem is not with the light switch UI, it's with the whole concept of manually controlling every single light in the house. Why can't we have lighting that senses where we are and adapts accordingly? Why can't our lights go off when we lock the door?

Rather than get excited about a conceptually complex light switch, I'd like to see a home lighting system that doesn't require one in the first place.