Description makes it look like a Magic Trackpad, only much narrower. Also, I am against using the power button for more than one or two common functions, plus a special function to be used for debugging. Especially as the power button on a Bluetooth device is already used both to power a device and make it visible.
Sure the button-less design is neat, but don't you think you should at least provide a visual cue where the active surface is? Apple has already tried one button-less design, and it failed.