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Yes, CapsLock is useless, and I've been remapping it to Ctrl since forever, which serves me a lot more than Esc.

It can be both if you care to. You don't have to choose

I've done Esc-on-single-press-Ctrl-on-hold once, but some games don't recognize the Esc press. Couldn't get to a menu anymore :P

Currently just have Esc on the CapsLock.