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Strong rumours that the update for FCP will come in this year's NAB, April 9th to 11th.

Hopefully FCE will also be updated. The fact that it won't do full HD (while iMovie will) has been an embarrassment for a while!!)
 
Don't you all get it?

The budget version is called iMovie 11. Apple is pushing iMovie for OSX more and more along with the iPad/iPhone versions so I don't think Apple will maintain 3 different versions. FCP for Professionals and iMovie for consumers.
 
Fce v5

I just got my macbook fixed, and I told the guy fixing it that I was gonna get FCE4, but he told me that V5 is coming this year!!! :D He said it would be as easy as iMovie ;)
 
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