I think all the FCPX criticism is very curious (i.e. obnoxious). What people fail to realize is this is an entirely new product written from a blank sheet in XCode. Roughly 2 years ago someone at Apple did the following:
1. Launched Xcode
2. File > New Project
3. Stared at a blank white screen
Naturally, you cannot recreate 15 years of development in 2 years and your version 1 app is going to be missing features. What apple has done with FCPX is actually really incredible. It is the most feature rich and professional V1 editorial application the world has ever seen. Does it address the needs of the working professional that deals with online/offline workflows, digital cinema, and large collaborative workflows? No. But that's also the SMALLEST group of FCP users. The VAST majority of FCP users cut by themselves, have no idea what an EDL/XML is, and could care less about tape I/O. Apple knew that V1 of the new FCP would be missing features and they decided to leave out features that would affect the smallest group of users which also happens to be their highest end users. Was this a mistake? Arguable but I don't think it was. I think Apples biggest mistake is failing to communicate to their most passionate and vocal users. They needed to communicate that they know FCP doesn't address all our needs today but that it is in our best interest to hang on and give them more time to flesh out the higher end feature set. So many of Apples products have followed a similar history. When they switched from OS9 to OSX they made a big leap forward while leaving out beloved features that so many OS9 users needed everyday. Some of those features made it back into OSX over time and some of them did not but no one is complaining they want OS9 back.
FCP 7 was the OS9 of editorial apps. It was built on a painfully old architecture and required too much work to salvage. Apple HAD to take this leap if they wanted to continue to stay relevant in the editorial market. FCP was looking like a joke compared to MC and Premiere. It's foundation was old and they needed to start over. The new FCP is based on AV Foundation which is shared with, gasp, iMovie and iOS. Guess what? The old iMovie was based on Quicktime just like FCP but I didn't hear anyone making that comparison then. AV Foundation is Apples next generation framework for doing advanced audio/video Applications. Ask any developer out there which framework they prefer working with, Quicktime or AV Foundation.
In short, Apple has made a mistake by not communicating with it's users and unfortunately, I do not see that changing anytime soon. The good news is, for all of us Pro users, we still have FCP 7, Premiere Pro, and Media Composer. Premiere Pro is essentially free as it comes with the Creative Suite, and MC is more affordable than ever. We all get to continue to use these great products while we sit back and watch how FCPX develops over the next 2 years. Hell, we can even try running the odd project or two through FCPX to take advantage of all the new great editorial features. Ya know, the features that actually help you tell a story (i.e. editing).