It says much about the release but most people take it the wrong way. It says that Apple borrowed a lot of ideas from iMovie while preparing this app. It says that importing iMovie projects is much simpler than importing FCP projects, because iMovie projects have much less content compared to FCP and iMovie was already rewritten recently, while FCP was still carrying code from 1998.
It doesn't say that this app was being aimed at the iMovie crowd because one app comes free and this is 400$ a package.
You keep defending the release like someone who works for Apple. No one is attacking you personally. And I don't think Apple needs you to defend them so vehemently.
As for the app being targeted to the iMovie crowd - you're wrong. The app, as released is priced far below what prosumers who would ever pay 999 to enter into FCP's ecosystem. That's why you also have tons of people saying how great the program is - because SOME of them simply do not know better or have requirements that were inclusive of FCP7.
I also think you're mistaken in your repeated assertion that iMovie is free. It's not. It's free/installed on new systems. But new versions are $49 as part of the iLife suite. And even for the new systems - the cost is built into the premium pricing Apple charges for their computers. "Free" is not exactly accurate.