Since buying and going through the Ripple Training videos I have decided FCPX is not for me.
Three reasons mainly:
1. Apple have taken away a lot of functionality and whilst making it easier for novices, I like to haver a timeline that I can play around with and manipulate how I want not how Apple wants me to:
2. It can't import FCP7 projects - that is not backward compatible
3. It cannot import footage at all from my Canon XF300 (MXF format) - This may be fixed one day with a Canon plugin but I doubt it will happen quickly.
So I have looked at the alternatives. I don't like Avid - it is too clunky for me and a big learning curve
Premiere Pro I have never really considered before but just spent the last two days getting to know it.
It really is brilliant. It is everything FCP7 should be at 64bit.
It even imports FCP7 projects, imports MXF files natively without a plugin, has a very small learning curve to transition because you can actually set the keyboard command set to that of FCP7 and you can personally modify it to suit. Also, any plugins you have bought for FCP will install in PP.
If you go to adobe web site they have a video that explains their commitment both now and the future to supporting the "Professional" aspect of video editing.
http://tv.adobe.com/watch/industry-trends/adobes-vision-for-professional-video/
They also have some videos explaining the transition and how easy it is. I bet they were just waiting for this release of FCPX !
http://tv.adobe.com/show/switching-to-adobe-premiere-pro-cs5/