Dead on, but it's pointless addressing the apologists at this point.
Every single person I know who lives in Final Cut and is a professional editor - as I am - is pissed off. Everybody else is just blowing it out from a place of ignorance and and adolescent need to rebel. End of story.
They did the OS9/OSX transition correctly. They could have done this correctly. They did not.
No problem, Premiere was already looking pretty good. It's about to start looking a lot better. I may or may not finish this latest project in FCP7, but I may port it to Premiere. I tested it today and it worked well in Premiere. I'm beyond brand-loyal to Apple, have been since the mid-90's, and have defended them, evangelized for them, etc. In this case, though, it has nothing to do with me emotional attachment to them and everything to do with being able to work on my profession and my art. I will use the tools that get the job done, and if they're not made by Apple, no problem.
The lack of support for "legacy projects," meaning the last ten years of my work, which I need to revisit all the time, is the final straw, even if Automatic Duck comes up with an importer.
And believe me, I'll keep an eye on FCP-X for the future, but this was a really insulting way to pull it off for Apple.
Again, every last person I know who actually uses FCP is aghast and pissed off. Everybody else is just a drama queen with too much time on their hands.
Get over it, little boys, and keep playing with your toys. We who actually use it will finish our venting and move on to a better application. I"m not leaving Apple yet, just FCP.
FW400 is still readily available and easily accessible via simple adapters and USB floppy drives allowed continued use of floppy disks if need be. By contrast, currently there is no way on God's green Earth to get a broadcast quality video signal out of FCP X. FCP X also, somewhat ironically I think, doesn't support the same number of tapeless options that FCP 7 does.