They have left click and right click with button action. It's just as intuitive as having 2 separate buttons, and even more so because of how customizable it is.
That said, the Apple track pads are incredibly high-quality and I generally like them. I do miss the hardware buttons from time to time, though.
But I've found a solution that works pretty well for me. I'm using KeyRemap4MacBook to create virtual right and left click buttons. Currently I have Function set to left click, and CapsLock to right click. I tap to click for things like following links, but hold and drag for text selection and the like. Since I usually am dragging with my right hand, using left pinky for "clicking" works quite well.
Highly recommend that you try it if you miss the hardware buttons. In combination with BetterTouchTool, I mostly have things working the way I want, and am almost (but not quite) past being tempted to get out the Dremel tool and retrofit a red nubbin in the middle of the keyboard!
The trackpads are also multitouch, so they handle multiple hands as sensibly as you might expect.
That's an awesome tip. I didn't know that the Apple trackpads would do that. They're less reliable if you just try to throw a second finger into the mix, which seems to generally lose the drag and turn it into a secondary click scenario. The bottom of the pad seems to be special-cased to avoid this.