Yes, Context Sensitive controls are a good thing, but only if they're used correctly and in a logical manner.
Will your game design be such that while in a given position there will only ever be a single logical option to choose? If I'm standing somewhere, will your game design be such that there couldn't possibly be a reason why I would want to use Option A rather than Option B? If so, then congrats, having a button for 'event', which triggers Option A or B based on where you are can make sense.
However, if your game design is such that I could be standing next to a wall, and at any given time I, as the player who is supposed to be in control, may want to:
Hold against the wall for cover in a gun fight
Climb the wall
Sprint away from the wall to cover elsewhere
Lob a bomb over the wall
Roll on the ground from that wall to a wall on the other side of a small gap
go prone and shoot around the corner of the wall
Apply first aid to regain health
Etc, etc, etc
Then there had bloody well better be distinct control for all those things, otherwise they're not actually CONTROLS, it is throwing bloody dice!
Now excuse me while I go find friends to play boardgames with.