In a video application with the "Pro" moniker, there are things that can be reasonably assumed to be there. Things like capuring and playing back to tape in higher end formats than the DV variants, robust timecode support (i've read elsewhere that the timeline is no longer frame based, but 1000ths of a second like quicktime tracks time internally?), Importing of old projects (even if that means having to export to an intermediate file from the old version first), EDL support - I mean honestly, EDLs are the most basic way to move things from one pro tool to another. The list goes on and on.
If they called it Final Cut Lite, nobody would be complaining. But the name Pro, the fact that it's a higher version number than the previous release, and the fact that they've been saying all along that it was in-progress with more things to come should make it pretty clear why people are upset.
This application is useless to us, just based on a few key missing features, all of which have been in every version since the beginning of FCP, and in just about every pro video app that preceeded it - Premiere, Avid, Media 100, etc. It's a reasonable assumption that a newer version of an application will still support features of previous versions (maybe in a different way, but they'll be there), especially when those features are integral to the use of the tool in the professional environment it's ostensibly meant to be used in.