this is was a much discussed topic. Basically the "squeeze" button is hard coded to go to the control panel. There are changes in testing that should address this issue.
If I understand it correctly there needs to be a steadfast way to get to the control panel.

I love the push pin option of keeping a widget open, you know, for late afternoon when the pandas are really active and doing a bunch of cute things.

I've been especially happy since I discovered that I can get back to the control panel through the screen rather than the button on top. I always felt like I was wearing out the button on top whenever I wanted to change to another channel or widget, and now that I just push the screen it is sooooo much easier and nicer. And I'm not wearing out the button.

I use a phone stylus or a crochet hook to touch the screen anyway, it works better than my finger. One day I discovered playing a memory game, that whenever I touched the upper left corner block of the memory game when I was selecting that block for my turn, that it took me back to the control panel. I just retouched the game icon there to go back to the game and began to get aggravated...until I realized it did it all the time from whatever location I was in the Chumby. And it must be a feature. I haven't touched the top button in weeks to switch around. Just tap the upper left corner of the screen and it always goes back to the control panel. I don't know if it works as well with fingers.

Removing it???
NOOOOOO! Say it ain't so, Duane! That is the coolest feature and if anything I should get a prize for finding it. PLEASE don't let them remove it. That is a much nicer way to scroll around. PLLLLLEEEAAAASSSSEEEE!
Thank you,
Your Chum