As it stands right now, yes, it is another form of a button. From what I understand though, they're working to get it to the point where it is a reactive interface. The gesture-based technology is in its infancy at the moment, but the push Flutter is making is where I believe interfaces will go.
Still, I find using a hand to stop music a more natural interface than hitting a button or switching to iTunes. It's a start, but definitely not the end goal.
