"Storyline Mode" or Secondary Storyline is a rather nice feature. A compromise for no "tracks".
It is not difficult to work with. You can attach two or more clips into a secondary storyline (automatically created) by holding down the 'g' key as you move connected clips close together (you will see the gray bar appear over the "still" clip and a blue rectangle appear between the two connected clips). Releasing the mouse at that point will add the second clip to the first in the secondary storyline. You can create a secondary storyline from any connected clip by selecting it and typing Command-G. If you move the clip, it will break out of the secondary and it (the storyline) will disappear.
Not what you wanted? You can click and drag a clip straight up (hold down the shift key to assure that the clip doesn't move in time) to break it out of the secondary storyline. Had transitions? They will stay in place in the secondary storyline set of clips. You can apply a new connected clip and insert it into the transition by holding the g key down as you move it in place.
Removing all clips from a secondary storyline (select the clips themselves and drag straight up) and it simply goes away (provided no transitions are used). If transitions were present, they still exist in a secondary storyline which you can simply delete (select the gray bar), add new clips, or just leave it there - the transitions will do nothing if there are no clips to work on.
Once you build a secondary - everything within it moves together very much as if it were a connected compound clip, except you don't have to deal with extra "clips" in your event as you would with compound clips. It's every bit as flexible as the primary storyline.
If you're going to use transitions between connected clips, you're stuck with a secondary storyline. You cannot have transitions at that level (outside the primary storyline) without one.