Any time I’ve switched to android over the years that little switch is one of the biggest, yet smallest features on the iPhone that I end up really missing. It is so convenient, and now that it’s reprogrammable with different taps it will be even better.
It will be the think I probably miss the most when I eventually upgrade. The brilliance of the switch is that it is a switch - which means can be verified by feel or by sight to be in the silent position without needing to wake or even take you phone out of your pocket.
I never liked the physical switch because I would switch it on accident. I want my phone on vibrate 99.9% of the time, so the switch is kind of wasted space, which is why I like the idea of the programmable button better than the switch.
Android actually improved their silent/vibrate/ring switching a couple of years ago. You no longer need to go into the settings or even the quick settings. You just press one of the volume buttons, and a little pop-up comes up showing your volume level. On that pop-up, there's a button to toggle the silent/vibrate/ring state. I think it's easy enough, but you do need to have your screen on, which I could see defeating the purpose for people who use that feature a lot.