Mike:
Thanks for entering the fray. I am one who has been bemoaning the lack of such a button. Here's why.
On my One-for-All URC 8090 (which has now been replaced by the MX-1000) the hard Power button can be programmed with ANY macro you wish. It is not restricted simply to commands that would power on individual devices. For instance, when I press my 8090 power button, it triggers a macro to (a) turn TV power on, (b) turn A/V receiver power on, (c) turn VCR power on and (d) switch "device functions" to TiVo device page. (Note that when I say "turn power on", this is actually a toggle between on/off, so if I get out of synch for some reason, I have to manually toggle the applicable power switch on the device to get back into sync).
Obviously, when my wife or a guest wants to turn on the TV set, they're going to assume that hitting the big button on the front of the remote that says "Power" is going to turn the thing on. They do not need to know that there are other commands being sent, and that the channel selection is controlled by the TiVo or that the Volume functions are punched through from the A/V receiver. They just want to watch the darn TV. I seriously doubt if any of them would figure out how to hit "M1" on their own. Frustration breeds contempt, particularly with spousal units, who long for the day when "Power" on meant "Power On". I'd REALLY like to see this function incorporated. It may, I must admit, be the difference between me keeping the unit or sending it back.
Thanks for your time.
Kimo