Final Cut Pro 7 at some point has to be updated because of 64 bit, so whether it's FCP 8 with the more traditional timeline, or FCP X with this fancy-pants new 'magnetic' timeline, FCP 7 is growing more and more obsolete, a change had to come.
What I take issue with is the blatant disregard for previous functionality, essentially what Thunder is stating. You can't release the 8th iteration of a software and drop significant tools/functionality/capabilities. Period. No matter how groundbreaking the new paradigm is, if it cannot accomplish the same tasks as the preceding version, it is a failed program.
Now, for me, as a faneditor who does not have to deal with multi-camera editing, collaborating/sharing files, exporting to tape and a number of other aspects which are truly PRO related, FCP X may be a very good product. Unfortunately because of the cluster-f*** that is this release and all the questions it throws up, it causes me to sit on the sidelines wondering if I can accomplish the same things I do now, because if all the loss of major Pro features is any indication it seems I'm likely to run into workflow problems as well.
For now I already have one more edit nearly complete in FCP 7. Once that edit is complete in a few months I'll look around the landscape and see what Apple has really done to clean up their mess. Perhaps by then it will look reasonable enough that I can feel comfortable in plopping down $300 on something that *might* be an improvement.