I love my Flip mino HD. We initially used them on reality web series where we sent them to the contestants to record their own home video diary packages. The footage was so good that we had to shrink the frame size down on screen so as not to compare with our "professional" footage.
That being said, they definitely have their limitations. -Very Shaky handheld, poor zoom, and 1hr record time, bad low light handling, and no ability to take stills... but for something you can fit in your pocket and costs a couple hundred bucks the thing is pretty amazing. Great simple design and awesome for capturing moments on the fly.
And yes, the footage is compatible with FCP - you just have to render.
The other camera I'd recommend checking out is the Sanyo Xacti, which now comes in HD + you can go underwater!
http://sanyo.com/xacti/english/products/vpc_ca9/index.html