I recall that Lure of the Temptress had a sort of context based interface, i.e. when you used the knife in your inventory, you had "cut" "jab" "give" as options and such, but that was a lot closer to the interactive fiction model (each item had tens of verbs you had to scroll through).
Personally, I don't like the idea of 2-button interface, for the reasons mentioned, and I don't really like the verbcoin either. Maybe it is because I grew up with it, but the verb-list doesn't bother me so much...when it comes with a "default action button" like most LucasArts games did, and with all the keyboard shortcuts, I'd say it works great.
Someone should really make a graph or something for this
Parser input (most IF games)
Listbox of all possible verbs usable in game (Legend games like Eric the Unready)
Context sensitive Listbox of verbs that changes according to the item (Lure of the Temptress)
Verb-list with the traditional 9 (or 12) verbs (Maniac Mansion, Monkey Island, etc.)
Condensed 4-action walk/talk/use/look (most of the Sierra SCI-VGA Games)
Verbcoin (Full Throttle, Curse of Monkey Island)
Two-button interface (Broken Sword)
One-button(?) interface (Telltale's Sam 'n' Max(?))
From top to bottom it goes from most complex to least complex, and also from most freedom to least freedom, and (kinda) most screenspace used to least screenspace used (which I guess isn't really an issue with games these days).