I liked the menu button because it meant that you always knew where to go to get menu options. On iOS many apps have different symbols and locations for settings and as a daily Android user I've found it annoying searching for them.
On ICS it's silly checking down the bottom right (where the software buttons are) and sometimes top right (action bar) for the menu button, and if they are deprecating the bottom right/menu button option I can see it becoming just like iOS. When the action bar concept doesn't fit into the design developers will just have to shove menu options at a random place in their UI. I cannot comprehend how that is a better option than having a soft/hard menu button in the same place all the time.