I bought the 7 Plus for my wife a couple of days ago but am using it first to see how the phone is. Gotta say, I'm not liking the home button. I've tried all three settings and "1" is the one I'm most comfortable with. But I just don't like it. Doesn't feel like a press down at all instead of just feeling the engine literally shaking the phone. In other words, it doesn't feel as natural as the trackpad with force touch those Macbooks are. I'm very curious how Apple will do things when they remove the home button completely. Which I'm sure they will and there will be a bigger doodie-storm than the headphone jack removal.
i like the new home button it works great i use setting 2 but personally i wish i could turn off the haptic feedback all together.