My thought exactly, but maybe Apple isn't going to keep it a separate application and instead roll it into Motion maybe? Then again it is a vastly different program, so probably not. I would love to see FCS3 be Snow Leopard only so that ALL of Final Cut's code could be rewritten not just for Intel only, but as 64-bit only with true multicore capabilities. Imagine the Pro App Devs getting up there and saying that it's not just 5x faster meaning you can render 12 streams of uncompressed HD effects simultaneously in better than realtime. I'd bite, and I'd bite Hard. Don't hate me, but DVDSP is also WAY overdue especially Compressor with it's HD DVD compression, so Blu-Ray is a Must for Apple. If they don't include it, Adobe will be the king on Macs for Blu-ray, and when Adobe takes a lead, it's tough to get it back.
If FCS3 is Snow Leopard dependent, it would give them 3 months to get it cleaned up and functional while still getting their news out before NAB. Also, a mild refresh in June for the Mac Pros with 1.5 or even 2TB drives as BTO options and a Blu-ray drive (or two) isn't too hard to believe.
Please Don't Disappoint when it comes to the Pros at least Apple! PLEASE!
-Brian