The only two choices I get are "search" and "speed dial setup".

I do agree that the menu button is a great point of distinction/contention when you're coming from an iPhone (that, and the proper use of the back button). One thing that's abundantly clear is that the proliferation of hacked front-ends (Motoblur, Sense, etc.) has made basic tech support on Android phones into a nightmare. I'm hoping that Google locks more of this down with Android 3.