Oh yes, it's definitely my go-to video editing software for my YouTube Poops and anything else elaborate. Sure, it started out more limited than FCP 7, which I admittedly didn't use much of, but now it can do nearly everything FCP 7 can do, and in many cases even better! (I find the chromakey to be a lot better in FCP X than 7, for example.) I've also often compared it to being like Apple's version of Magix Vegas Pro, offering most (if not all) of the same features for Mac users.
For much simpler projects, if they are in widescreen I use iMovie 10, or for some projects I may use Adobe Premiere Pro CC or Cyberlink PowerDirector 365 (as that now comes in a Mac version, too!)
For much simpler projects, if they are in widescreen I use iMovie 10, or for some projects I may use Adobe Premiere Pro CC or Cyberlink PowerDirector 365 (as that now comes in a Mac version, too!)