Here is my thought.
Are you a colorist? Then don't use COLOR. Color is a highly professional color correction application. It isn't as simple as the 3-way, it requires a pretty strict workflow and set of codecs. It has a lot of settings internally that you need to do right. CAN you pick it up? Yes...I have, because I had to. I have two tutorial DVDs and I had a week to play and figure things out. I even had people I could call and have them help me figure out the more trickier aspects. And I STILL only use the PRIMARY room.
Are you just an editor that wants to produce great looking color corrected footage? Look at Magic Bullet COLORISTA. It has a very familiar looking interface (looks like the 3-way), allows you better control over the colors and allows you to push them to the extremes more that the 3-way allows. And you can color correct in FCP. You can monitor your timeline the way you normally would if DV via firewire. But if you are working with HD then yes, you need an HD monitor and HD capture card to see how you are REALLY affecting the colors.
MB Looks? That is GRADING software to give your footage a certain look. It does not allow you to view this footage on an external monitor (from what I have heard) so you cannot really tell what it looks like. Plus you can only see one frame, not the whole clip, so if the shadows and highlights change throughout the shot, then you can't see that to adjust. But you can use that to get a basic look, then tweak with the 3-way or Colorista.
Bottom line...if you are not wanting to be a colorist, I say avoid COLOR. Use Colorista or the 3-way.
(NOTE...Colorista still clamps anything over 100IRE down to 100IRE, so you need to adjust it down with the ProcAmp or 3-wa before you add Colorista).
My Humble Opinion. Color isn't simple to use, and isn't for everyone.
Shane
