It seems to me the 1-button challenge is a matter of paring out which "features" can be safely removed without injuring the game experience.
I've got a couple of concepts for this one, as linear games are nothing new; pick up Final Fantasy XIII for a good example.
:P
Of course, I also think it important that the game itself influence how "the" button works. In certain situations, it should do one thing...in others, it should behave differently, but in a logical way that makes sense and is well-communicated to the player.
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