- No multicam
- No support for sharing projects.
- No support for reconnecting media.
- No way to save versions.
- No support for multiple timelines.
- No way to assign audio tracks.
- No way to output audio tracks to specific hardware.
- No custom frame sizes or rates.
- No support for RED digital cameras.
- No specified scratch disks.
- No AAF / OMF / XML / EDL.
- No support for Xsan.
- No support for pro hardware.
- No support for broadcast reference monitors.
- No way to open old projects.
- No support for control surfaces
- No Viewer window.
- No Ganging.
- No professional tape support - although that may be under Pro hardware.
- No offline/online workflow (i.e. FCX is not a "finishing" solution).
- No In/Out per clip retention.
- No ability to send a clip to Motion (i.e. no "round tripping"), so no easy way to use Motion's excellent compositing capabilities.
Color...DVD SP...Soundtrack pro are gone.
Pretty much everything is wrong.