No, John, it's not so simple.
As Michael Wohl said in the last sentence of the quote below, he expects that it will be a "few years" before FCPX is ready for pro use. There is no way editors will be able to continue to use FCP 7 over that period of time. For one thing, I would not put it past Apple to even add features to future OS releases that make it impossible to use FCP 7 in an effort to force migration to FCPX. Even without that, it is unlikely that this now unsupported FCP 7 will be usablr for that long. I, for one, am trying to get ahead of the curve, and have already purchased the Avid cross-grade. If FCP X is up to snuff in 3-4 years, I might give it a try then, but there would have to some reason to do so beyond my loyalty to Apple, which has been used up by this fiasco.
Here is the Michael Wohl quote:
"It’s a little hard to say whether this software is going to be up to the task of a documentary that’s going to have thousands of hours of footage and multiple people working on it simultaneously. However, over the next few years I fully expect Apple to upgrade it and improve it and I imagine that eventually it certainly will be."