I really like this feature. A page redraw generally takes less time than the time needed for my eyes and brain to re-parse the page. When I have to stare at a blank page for a varying amount of time after having decided to go back, the entire navigation process feels very sluggish and slow. Using other browsers I find myself opening a lot more temporary tabs to account for this. Swipe and hold is also nice when you just need to go back to reread a few sentences, etc.

Most pages shouldn't need a refresh when you go back after a few seconds or minutes. What annoys me are websites that set stupid expiry times or Cache-Control values.