FCP X = iMovie pro
Hurray for not needing to know a thing!
Perusing FCP X's Help section, I can't help but notice how many times iMovie is referenced. FCP X even has Ken's Burn Effect now.
Reading Aja's pdf on how to work with FCP X, it does mention that tape I/O is now gone from FCP X, with the exception of dv via firewire so not frame accurate insert editing is available and it appears that FCP X is not dual monitor capable if you need/want to hang a broadcast monitor on your system.
I'd love to be proven wrong here but I'm not holding my breath and it does appear that FCp X is perfect for those Youtube and Vimeo "film" makers.
FCpX = iMovie pro.
My version of FCP 7 has an EASY BUTTON, Mac OS X (10.6), Hamster-powered Mac Pro and bunch of other tv stuff