I have no direct experience with N-trig, but as I understand it the 'eraser' function will be the second button on the n-trig pen. I would hope that all 3 buttons are programmable but my hope of the top of the pen still being able to be an eraser seems dashed by most demos where that is used more like an action button than an eraser. As an artist pressure sensitivity does matter to me, and I've been a long time user of Wacom devices so I'm probably a little biased. The replacement SP2 I have that happens to be running the 4300u has better edge tracking, not perfect but better.
My concerns though are as follows:
-- N-trig runs most of their tech in the pen, meaning it needs to be powered. This has a benefit of making the device thinner which is probably why MS went this direction. HOWEVER. This means worse palm rejection, why? Because the n-trig digitizer is basically doing software palm rejection, and the pen is what sends the signal. IE only when the pen is touching the surface, powered and accurately sending data back to the device with the app able to make sense of that information does it actually work. Similar tech is frankly used in Adonit's Evernote pen for iOS, a powered AAAA pen communicating over bluetooth to an API stack in an app. It works less than ideal. Wacom's digitizer basically uses RFID to detect the passive pen within a range and says "ok I won't recognize any other foreign (touch) inputs now"... its a more accurate way to do palm rejection.
-- Pressure levels and weight, as an artist 256 levels is 10x less than what I want when Wacom's Intuos line has 2048, but that's not the full story. "Penabled" devices, basically anything in the last 15 years that's not a Cintiq Companion, still use technology Wacom developed in the early 90s under the Art Z II product line. That's why old Art Z II pens (of which I have one, erase, dual rocker switch and all) work flawlessly on my SP2... a 20 year old pen from about 94-95... But again that's not the full story. To me as an artist its also about grams of pressure to produce a stroke. Art Z II / Penabled tech is pretty good, a light stroke is possible, on Intuos the grams of pressure needed to make a stroke is cut in half meaning you really can achieve all 2048 levels of pressure. With only 256 levels of pressure in the N-trig (my assumption from reading reviews but I dont have actual numbers) is that you have put down a sizeable amount of pressure for the pen to alert that its touching the digitizer, trigger the palm rejection, start the stroke.. which is why in demos in the last day you've seen the N-trig be accurate but not have the same stroke speed, its doing more up front than the Wacom pen has to.
-- If you get another wacom pen you can replace the nibs, put in a rubber one, you have options. The N-trig pen as I understand it the nibs wear out fast, fall out etc.
-- Accuracy, yup I'll agree that's important and a bit frustrating to me at time based on how wacom's tech is designed, a lot of which is reduced in its newer tech, that they don't seem willing to license yet. Frankly I'm surprised at Wacom's decision to try to enter the computer hardware space, the first attempt being a year old reference board slammed into the same case as the existing 13" cintiq. My only hope is the second gen version has some real hardware design to compete, is lighter than the mammoth 4lbs and a bit smaller. Without doing that I dont think you can compete, which makes a licensing play with the Intuos tech make more sense financially...
The reality I face in what I've called "my search for the Courier" is that no one hardware manufacturer seems get it 100% right, no one digitizer is perfect on these devices yet from an accuracy / performance perspective that while they come close, there's still always something left on the table.
If N-trig is prone to palm rejection issues as I think it will be, there's no way in hell I'd use it even if its 100% more accurate, I can't have a situation where I'm working on a digital painting or something and then find out 30 mins later that my palm made all kinds of random strokes and ruined what I'm working on.
For writing notes, and capturing the One Note / Evernote space it might be fine, but 12" seens massive if that's the market you're after esp when the Asus VivoTab Note 8 is light, works great with One Note and has a pen built into it... yes I have this too and frankly its a great note taking experience that I don't think the SP3 can beat just due to sheer size.