Please allow me to clarify, since I have obviously confused a few people.
Since none of you seems to understand what ProShow is, simply put, it's similar to FCE but focussed more around still images than video clips (though it can use those as well.) It contains hundreds of transitions and gives full control of 'Ken Burns Effects' up to and including pan, zoom and rotation all in the same image. It also includes the ability to adjust the timing of individual images and transitions as well as allowing full randomization of Burns and transitions between images for the entire project.
Finally, and most importantly to me, it shows the audio track waveform at a size to actually be useable (unlike iMovie HD) and adapt project timing to length of audio track or create audio fade-in/fade-out based on manual timing parameters.
I have run into serious limitations in iMovie (though I haven't given Slick a thorough testing yet) in that the audio track is too thin to be easily visible (when trying to set image timing to audio beat,) you have no ability to randomize transitions, you have no ability to 'batch' transition timing, etc....
The question returns, can FCE give me these capabilities?