The ugly black part at the top will influence the experience of watching movies, play games, viewing pics because part of the image/video will be cut out. FaceID is secure but I have to well open eyes to let it recognize and not sure if it can recognize well enough when there are water on the font sensor especially in the rain. From demo, it seems FaceID is slower than TouchID. I think for a normal customer/users, touchID is much more usable and quicker.
I think they could have leveraged the OLED tech to make the status bar blend in with the casing. They could have used 3Dtouch to provide a home-button-esque feel when interacting with the bottom gesture bar.
