Shane Ross wrote:
There is. #1, You press one button to trash all three files, so you don't have to go digging. Just launch, click, done. #2, you can backup your GOOD preferences, after you set all your settings, so that when you trash them (when the system is acting wonky), you just restore the good ones. Otherwise you have to go back and setup all your settings manually again. And this can take a lot of time.
Also, to add to Shane's comment, here is the recommended workflow for using Preference Manager:
1. Trash preferences (make sure FCP is closed).
2. Launch FCP and customize your settings.
3. Backup your preferences.
4. If a problem occurs, restore the saved preferences instead of trashing them. This is quicker because you don't need to set everything up again when you relaunch FCP.
5. (optional) Lock your preferences so that they can't become corrupt.
This is all explained in the manual btw.