The listening button is not that bad.
First of all, you don't have to use it, so whatever, but even then, the game has few bullets/weapons, and enemies easily one shot you and from what we've seen, there are a lot of situations where you can get aggroed quickly.
With all this going on, they give you a "wallhack" that only works when you're stationary, in a limited range, and ONLY if said enemies are actually making noises.
It may not be 100% realistic, but unless you have a 5.1 or some headphones to play with, it's impossible to tell where the sound it's coming from, like you'd do in real life, with TV speaker (which is how most people will be playing with) so it balances out "the realism".
This is still a story driven game, meant to be played by the public at large, mind you, it's already plenty bold, in that sense.