Yup 16 Buttons.

Up,
Down,
Left,
Right,
Select,
Start,
Square,
Triangle,
Circle,
Cross,
L1,
L2,
L3,
R1,
R2,
R3,

But then you also have.

L1 + Square
L1 + Triangle
L1 + Circle
L1 + Cross
L1 + L3
L1 + R2
L1 + Select
L1 + Start
L1 + ....

Really do I have to keep going?

Not to mention Pressure Buttons

Square Tap, Square Hold, Circle Tap, Circle Hold, etc.