Currently, the Daydream player doesn't use the app button (⊝) for anything. (Many apps use it either as a “back” button or to bring up an on-screen UI.) I’d love to have it available as a pause/play button! (Currently, I have to click the controller, look around to try to find my pointer which has probably drifted, find the pause/play button in the on-screen UI, and click it, by which time the incredibly hot thing I wanted to stare at for a while has probably stopped happening.) A long-press of the app button would still be available if you later discover there’s something else you need it for.
Unrelatedly, swiping left-right to move forward/backward only very rarely works for me.
Also, it's very hard to use the controller to precisely set the start/end times for the repeat function. Maybe that could be a use for long-press of the app button (the release of the first long-press would set the start time, the release of the second long-press would set the end time, and a third long-press could cancel repeat altogether, or you could just make people do that with the on-screen UI. That could be confusing if you stumbled across it by accident, though (unlike pause/play, which would probably be immediately intuitive). If you don’t like that, I’ve got some other UI ideas for that functionality. Pause/play is by far the thing I care most about, though.