After owning an iPhone 4 for 13 months, I can tell you that the Home button gets decidedly 'flaky'. This is purely down to the introduction of iOS4's double-tapping, as all the previous iPhones I've owned, never had this issue.You don't double tap all the time anyway to access the multitask bar?
I fail to see how this would add on any "wear" to the home button than the multitask bar already does..
Adding more functionality to the double-tap, would only speed up the process toward Home button death.
The swipe down is way more intuitive anyway.
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