Yeah, I wouldn't be able to use the eject button for on/off macros because my player is behind a glass door.
I actually have one other trick I have used to create discrete ons -- I have two components with nothing but toggle ons. I purchased an IR543 and two X10 outlet plugs. They have discrete on/off capability. This is not an easy fix: you have to disable "local control"/"current sensing" so that the switches don't turn on by themselves under normal, "off but not unplugged" power draw. You can do this by adding a low-draw item in series (I have my Kenwood VR-407 receiver in series with a powered FM antenna and the powered subwoofer), or by modifying the outlets (instructions are availible on the web). The you have to deal with the vagaries of X10.
I havn't had any problems with my electronics (a DVD player, a Kenwood jukebox, and a Kenwood receiver) -- you leave it toggled on and then switch the power. For some things with RAM, it might not be a good solution.