Hello,
I've been using Liquid 7.2 for about four years now, and I like it a lot. I'm just going to start with FCE on Christmas Day , well probably Boxing Day when I have my new Imac set up and FCE installed. I bought FCE mainly for HDV work as my PC needs upgrading and I haven't decided which way(editors) to go yet. The thing you need to know about Liquid is that it has reached the end of its development. There have been rumours circulating for at least two years now that it is being re developed, but there has never been any official word from Avid or Pinnacle. This is one of the reasons I am switching for the time being.
As for the program itself, it is very user friendly, extremely stable and is an all in one application in that it will author DVD's as well. It will handle a lot of different codecs, and it has a great community forum, some members of which are developing or have developed codecs which equate to Apple Intermediate.
I myself am looking forward to working with FCE and seeing how different it is to Liquid.
It is said by many that Liquid is one if not the best value for money editors available and I would concur that it is excellent value for money.
Btw I'm not plugging Liquid on an Apple forum, just answering the question and giving an opinion.
Hope this helps.