Remember how it was hot and latest side by side? I would still have that only put the drop down yet a third button. So Hot, latest, popular (top.. what ever term you would choose).
Now whether it's really useful is subjective. I don't see myself using it, but I know some who love it and have already been making use of it. Just like the following. Some of us love it and have applied it liberally, while others ignore the feature. Just kind of depends on what people are looking to do. So I wouldn't want it to be removed from people who like it, just maybe rearranged so I don't have to always click a drop down for latest. I browse the latest the most. It now is one more click to see latest. I am always opposed to more clicks.