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Yes, that's a problem with Konqueror.
And it's one of the reasons I give people Kubuntu instead of other KDE-based distributions: Kubuntu has managed to un-bloat KDE to an acceptable level.
With Kubuntu's default installation, the Konqueror web browser has only these buttons:
(And of course the unnecessary buttons for clearing the address box, confirming location and starting a search, but these are used often by people who are new to computers, and don't yet understand how to do these things with a keyboard.)
While you may not use the "Up" button, I find it very useful on many well-designed sites, that actually put some hierarchy into the URL. It's a shame many sites, including OSNews.com, are actually hierarchical in structure, but do not reflect this in the URLs. If I were currently looking at http://www.osnews.com/news/12721/comments/62378/reply, the Up-button could have been very useful. Alas, I'm looking at http://www.osnews.com/reply.php?news_id=12721&comment_id=62378.
Actually they just run konqueror with the simplebrowser profile insteed of the normal webbrowser profile.
Simplebrowser should IMO be standard profile for web-browsing in konqueror.
I also use the up-button, a lot. And I miss it in other browsers.