I'm working on a ui for a page in an application that is essentially an image library. The mocku shown below is the page the user sees when they have performed a search for items to update in bulk (by update I mean edit the metadata of). ANyway the functionality has grown so the user can now run a find and replace against the selected items and delete the items from the system. Most of the time the user will be performing a standard bulk update, so I favoured a primary/secondary actions approach (option 1 below).
My colleague though likes the idea of lots of buttons as it makes the page look more 'feature rich'.
Which do you prefer and why?