I'm really excited about this. I've been using FCP on my iPad Pro for the last 2 or so years by running it on my iMac Pro and then using my iPad Pro as a second screen. It works surprisingly well mainly because of my iMac Pro punching above its weight in terms of power, but it has its little quirks and frustration points. Having a dedicated, iPad Pro-first coded app is going to be awesome!
The subscription model is garbage, especially for owners of the MacOS version, but it is reasonably priced annually, and I feel like it could actually get proper support now that there will be a user base paying more often than on desktop. I already pay extortionist fees for Creative Cloud that doesn't really offer any proper iPad apps, so having FCP on the desktop, and now on the iPad Pro, will make me feel more comfortable when the bill comes around compared to that Adobe invoice.
Really curious as to how Apple plans to handle those of us that want to create workflows between iPadPRO FCP & MacOS FCP and juggle back and forth between the two.