If it were actually still just a "select" button that would be silly. But that's not what it is anymore, just what it's still called because that's what it's always been called. Getting rid of that button would be foolish because it does serve a purpose in a great many games. The most common would be to bring up a game's map or secondary menus. Why get rid of it only to bury whatever it does within another menu accessed from the start button? That seems silly since it's generally used for something you need to access fairly often. It's nice to get to it with a single button press.
XBOX B&W buttons?
They didn't get rid of the black and white buttons. They got their heads out of their asses and moved them to a far better position, giving us the shoulder buttons.
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Barbie rocks. Her lack of realistic genitalia frustrates and arouses me at the same time.