The strip should have been above the function keys and escape key. As a VIM user (both in command line and in IntelliJ), I use the escape key all the time! A touch-screen escape is not the same, you don't get the feedback you get with a physical key. Reassigning another key is not an option, I use all the keys.
The lack of a power button is also concerning, my 2011 Mac still has a physical power button, and even though I hardly use it, once every two years I might need it to do a hard reset if things completely lock up, I don't see how the new MacBook will be immune against that.
Other than that, I now have to sacrifice volume buttons as well as brightness buttons for widgets on the touchbar, if I have to re-add all those buttons (volume +, volume -, mute, brightness +, brightness -, escape, power button,... ), there's not much space left for useful widgets on the touchbar.
To me it feels like an expensive gimmick that will actually hinder my workflow. If I had both function keys and the touch strip, I could see it being very useful.