Final Cut Pro X has an amazingly powerful foundation for video editing.
Is it a true replacement for Final Cut Pro 7? No, and this was Apple's major blunder.
Had they released this software as simply Final Cut X, and left sales/support for the older Final Cut Studio in place, there wouldn't be the massive uproar about this.
I like the promise of what Final Cut Pro X offers, but I work in TV, and we deal with tape. A lot of tape. Someone said elsewhere "As long as the history channel exists, there will be a need for tape support". I don't like using tape, but when you need to archive hours and hours of footage on a stable long (years) term format, tape is great.
I'm sure over the next 2 years FCPX will mature into a better program for true professionals, but right now, the niche pro's aren't happy.. And the niche pro's are the ones who create witty clips that will lampoon this release, that consumers will laugh at, even if they don't know why.
The bottom line is this could have been partially avoided through better marketing and planning. Killing the FCS3 outright was a very poor choice. They literally dropped 30,000 pro users in hopes of getting 3,000,000 prosumers on board.
Yesterday I filed for a refund.
Finally to the people screaming "It's a 1.0 release! What did you expect?!"..... Yes, it's a 1.0 release, but it's a 1.0 release with 11 years of research behind it. It should have been very close to feature parity of the existing FCS7 at release, not super stripped out like it is. Screw the color correcting other new features and release a stable product that mimics it's predecessor closely. Then later add these new features in. I don't need stupid title creation cloud bubbles, I need multicam. Later on add the silly comic title tools, but multicam should be a part of the 1.0 release. Christ, FCPX 1.0 could have been exactly the same as final cut 7 with zero new features, but based on the new ultra fast core and people would have been ecstatic, then roll out new features in the future releases.