You could do unlimited selections with 1 button using Morse code, but that's terrible UI. Anyway, it's not that I think 4 buttons can't work it simply seems like a poor compromise like setting a clock on your VCR.
Can X work? Sure, but this is not the conversation you want to have with someone buying your product.
That morse code product is called Knocki and it raised $1.1M on Kickstarter a few months ago.
I don't think it's only the UX of four buttons. You can use them as only four buttons as well without having to remember that each button has its own app. I'm going to try again with a less expensive product (minus the wood most likely) and a better marketing strategy of signing up interest for months beforehand. But I still worry that the conversion rate will still remain low, even with the additional traffic.
I don't know if the idea of using patterns as control is genius or stupid.
That said: Compared to this Knocki thing a wooden house remote with four buttons looks a bit boring. My guess is that people who have home automation (and are surfing kickstarter) are more on the tinkerer-side and they want something complicated. (Ultimately I think speech recognition will win)
Can X work? Sure, but this is not the conversation you want to have with someone buying your product.