I like the ability of a long click to represent a right mouse click. As a former product designer (and thus heavy user of parametric modeling tools such as SolidWorks) I am a big, BIG evangelist for context-sensitive UI approaches. Hide what the user doesn't need, and bring up what he/she does need based mainly on current context. Beautiful. Reduction of used real estate, reduction of clicks, win for the happy user.

I don't see a better way for right clicks to be emulated on the tablets, unless one considers combining touch with a hardware button press-- and I just don't see that as better. But to each his own.