Unfortunately for buyers of the iPhone X, you are wrong. First off, there are many use cases that TouchID is better. I'll give you a few that I've used - discretely looking at your phone in a meeting while holding it under the table; glancing at it in a theater in the dark; etc. In these situations you won't have the phone up in front of your face. There are many other such cases. The only use case that FaceID is better is if your hands are wet or sweaty.
But aside from use case examples, FaceID has a max failed attempts of 2 vs. 5 with TouchID. So 2 tries and you have to go to PIN. I expect there will be a lot more PIN turns. There is nothing wrong with FaceID by itself. Its great tech and I'm sure Apple will do it well, maybe not initially, but eventually. But offering it as an only choice for security is frankly stupid. They should have kept TouchID and moved it to the back middle of the device. I would guess that Jony Ive was the one that wouldn't allow that, or maybe Tim didn't want to give up that additional cost.
You can defend Apple's bad choice all you want, but its still a bad choice.