May I suggest the Final Cut Pro X is not to be dreaded. Yes, it was a shock 12-18 months ago when it was released because the interface was so different from FCE & FCP/Studio and it lacked some of FCP/Studio's more advanced features.
However, in the intervening months (years), FCP-X has shown its colors and gained new features and I'd say it's more than ready for prime time.
If you are on Mt. Lion, my recommendation is don't fool around with FCE, an application that was discontinued over 18 months ago and was never supported on Lion, much less Mt. Lion. It's time to move on. FCP-X is the currently released & supported product, and it's pretty d**** good.
I would hate to have to go to the dreaded FCX. Thanks!
FCP X has matured over time since it's release as Martin points out.
It will require a change of thinking as it doesn't follow track based editing principles.
After some initial learning pain, it's a nice piece of editing software.
If you want to stay with Apple and it's editing apps then this is the way forword.
FWIW: I have loaded and used FCE on two different Macs running Mountain Lion (to see if it can) and found it mostly works for me. The testing was not exhaustive. Apple does not support FCE on the Lions. Stick with 10.6.8 if you can, dual booting is one method.
Pretty much in my editing world, FCE has been put on the shelf and is gathering dust.
Thank you for the replies. I went kicking and screaming from 16/35 editing into 3/4" into Betacam into NLE. It's 35 years later I don't see X as the new paradigm, just a different NLE program. I've been going through Izzy's free tutorial -- www.izzyvideo.com -- and I do see that X doesn't change the universe, just another learning curve like the one I skated on from Avid to FCE. I was mostly wondering if there was a work around so my FCE timelines could still be used. Guess the answer is my new Mac gets X and I keep my old Mac for whenever I need to revisit projects cut on FCE. Peace, Love and Moviola to y'all!