Just finished publishing zMooth gesture app in android market, it will allow you to use gestures to mimic back, home and menu hardware keys.
I wrote this app because I hate hardware keys which degrade/break overtime. zMooth is unobtrusive and uses minimum amount of screen space while at the same time very easy and intuitive to use. If you use for couple of days you will understand how easy it is to use.
after you install the app you will see a blue area at the bottom of the screen, swipe left on this area to go back, swipe right for menu and gesture a up-arrow(^) for home. try using different gesture length and speed, it is very sensitive at default settings, you don't have to do complete swipe and arrow symbol, just a small quick gesture will work.
Note: This app requires a rooted android 2.2+ device.
App website (If you see any issues please report here)
android market browser link
QR code link to android market app (or just search for "zmooth" in android market) :