I honestly prefer the multi-button layout because it gives the player more control over what's happening. One of my biggest frustrations with gaming is when something "automatic" is supposed to happen and it doesn't (or worse, it's not supposed to happen and it does)... it completely breaks the flow of the game and generally gets me killed and sets me swearing up a storm.
a non-lethal example'd be like final fantasy 7 and below, any time you walked into a town, you automatically entered the town, you went through the loading sequence and bam! you're in town. every so often, when I enter the world map, I just press forward because I "know where I'm going" and lo and behold, to my ever-jubilant surprise: my camera was facing back towards town... gogo loading sequence. ff8 (or 9, it's been too damn long) solved this by making it so you had to confirm that you wanted to enter the town by pressing x or something, I don't honestly remember, but the point is it saved me about 20 minutes of swearing and frustration.