FCP7 users have been expecting a major update for years now. They were kind of expecting a product perfect on day one, with a totally seamless and painless transition.
Judging from what I have seen, FCPx was designed to bridge the gap between products like iMovie, FCP express, and FCP7 and create a simpler product line. iMovie for amateurs and FCPx made into a prosumer/pro product. With the amount of amateur content on the web, they needed something much easier to use that FCP7.. so basically Apple pissed off about 5000 video editors to make 5 million amateurs happy (twitter).
That said, I believe FCPx is a product in transition. This is a complete rewrite and interface change to everything. You honestly cannot expect your average editing operation to switch over on day one?? All of these features that these pro-users want will be added over the next year or so as people switch over. All of the backlash is exacerbated by the fact that Apple really didn't exactly come out and say this.
What apple really released is currently FCP express, with features to make it final cut "pro" added over the next year as editors play around and learn to the next system.
Or its entirely possible that apple has designed to forsake 5000 pros and therefore the pro-market for 5 million amateurs and non of these features will be added.
FCPx is a pretty revolutionary product that is not currently and may never be a "pro" product.
That said if I get a new pentax k-5, and start making dSLR video shots, i might just get FCPx. iMovie interface with more powerful features. Sounds perfect for me.