Deep down I really agree with that, but I become conflicted when I consider settings with severe limitations that have little else to turn to. For example: the timed hover to select on some Kinect games: touch screens that use longpress as a substitute for right-click; touchscreen keyboards with longpress as a shift-like behavior. It somehow seems regretfully acceptable when dealing with the limitations of a touch screen, single button, or no button environment.

One case where I think it is ok to require waiting are "Ejector seat button next to the radio" type situations where user action could have potentially disastrous consequences: I am glad I have to hold down my power button for some time to force a hardware restart.