Other than as dedicated MAME/emu function keys the only place they can really be used is for non-essential inputs, like coin-up and start. (keep reading for why)
I believe I said that myself

Even using them for coin and start can cause some serious problems. Say you've created a 4 player panel (4 buttons per) and are using Y adapters to extend the keywiz to get the coin and start buttons for each player. Whenever someone presses a coin or start button ALL buttons on the panel are shifted for however long the button is held. In a 4 player game this can wreak havoc on the other 3 players who are still mashing away! Yes, you can minimize this by making everyone's 3rd and 4th buttons the shifted coin and start and program 1 and 2 to have the same shifted/nonshifted code but the problem exists. What if player 2, 3 or 4 try and coin or start at the same time player 1 sticks left or right? Then you're into another codeset altogether! Scary! Not a good option except for the truly broke or desperate. (If you're that broke you probably shouldn't be making a 4 player arcade cabinet). Trying to use them for even more frequently used functions (like actual player buttons or even combo's) is just begging for problems...
I never said these should ever be used as actual player buttons. In fact, just the opposite.
Also in the example you gave, if "blocking" was employed, the 3 players that were mashing buttons would have to stop screwing around on the panel anyway or your "coin up" wouldn't register. You could mash that button all day long and if that control panel wasn't
dead-idle you'd never even make it into shift mode.
I don't see the big advantage doing it that way.
Now, this is not to say it isn't an acceptable product for a 2 player panel, I just couldn't recommend it for a 4 player, even for someone really trying to keep costs down and I wouldn't want to use the Y adapters for much more than producing a 1 button "esc" or "tab" (not that I want those buttons on my cab anyway, I prefer them hidden as secondary functions).
That's really all they are there for. The adapters aren't magic

and they can't change the way the Shazaaam! function works. All they can do is give it to you with a single press rather than 2. Everything else stays the same.
The KeyWiz can do a 4 player panel, but it will never be the same as a product that costs twice as much. Howard is now starting to make comparisons to the IPAC4. *punt*

I haven't tried to pull any wool over anyone's eyes here. I've done my best to answer questions, even in the face of obvious attacks on the product by someone who has never seen it or used it (that's you, Howard).
For those that don't know, there's been some "bad blood" between Howard and myself in the past. The only thing I can surmise at this point is that his sometimes incoherent criticism of the KeyWiz stems from this. Looking at recent posts, it's become obvious that he isn't even reading the threads before making those criticisms.
For those who look at Howard as their mentor, you might want to consider the destructive effects of his actions. Ask yourself how many options you might have for things you would like to do if there weren't individuals like this who offer little to the community other than criticism of the work of others.
This will be my last post here regarding KeyWiz. A number of them have shipped and that includes to some regulars on this site (including the Owner, it's good to be the King

) I expect they will offer their opinions soon.
As always, I'll keep adding to the discussion of other topics and try to be as informative and helpful as I can.
If you have a question about the KeyWiz, come to the site and drop me an Email. I'll be happy to talk to you.
Thank You and Goodnight

.
RandyT