I use this all of the time. I love the trackpad workflow. Now—if you are using an external keyboard and don't have the magic trackpad, then it's a larger PITA.
I have bound those commands to keys as well. So in my case I can swap workspaces by using CTRL+<arrow> and get that same view with CTRL+UP (but then still have to switch to mouse to select. I bought the apple trackpad recently because I prefer it that much—being able to do this actions one-handed. That said I'm also testing an ergonomic mouse so I lose some of that again—as I'm sure some of the case is for a lot of people. Hence all these other workarounds.
I use USB overdrive to bind the swipe up motion to one of the extra buttons on my mouse. I'm using a basic wireless ergonomic mouse. I have a magic trackpad but I absolutely hate it compared to a mouse.
I have bound those commands to keys as well. So in my case I can swap workspaces by using CTRL+<arrow> and get that same view with CTRL+UP (but then still have to switch to mouse to select. I bought the apple trackpad recently because I prefer it that much—being able to do this actions one-handed. That said I'm also testing an ergonomic mouse so I lose some of that again—as I'm sure some of the case is for a lot of people. Hence all these other workarounds.