I for one welcome our new Video Editing overlords.
My jaw dropped when I read that the price for the whole package, which used to be $1000, is now $400. I hope Apple continues to support the professional editor, but the release today is not aimed at the pro who is perfectly satisfied with 7 (and, apparently, can keep it running for years if he or she wants). This is aimed at the large and growing market of amateur and hobbyist editors who want something more powerful than iMovie to edit their videos.
Tell that to late Anthony Minghella and Walter Munch who cut Cold Mountain on Final Cut Pro 3, for which even Apple said "Don't! It's not ready for a project like that".
An App can be missing a lot of features, but still can be the choice of people like Munch who received an Academy award nomination for his editing on Cold Mountain.