There’s a lot of “The sky is falling!” going on, to be sure.
For what it’s worth, here’s my perspective:
My workflow involves the use of XML. That being the case, FCPX is not a tool that I can use for the vast majority of what I do — now. Thankfully, FCP7 is on my system, and will continue to be the workhorse for what I do.
I have iMovie on my system. I use it rarely, and generally not for work. But it’s there.
Now I have FPSX on here, too. I doubt I’ll use it for much that’s serious — but I’m going to play with it a bunch, and I’m going to learn the interface. I’m going to get comfortable. And when XML arrives (and I’m fairly certain it will — at least that appears to be the case), I’ll be good to go. If it takes a month, great. I’ll have had a month to get up to speed and start doing my serious work seriously (if it was here now, I’d be fumbling around, trying to get work done, but learning as I go, which is less than optimal).
The way I figure it, I can look at this in one of two ways: this is really a kind of public pre-release, I’ve bought the program for a nominal amount of money, and I’m getting the opportunity to fart around until such time as the rest of the feature set that I anticipate is coming arrives — or two, the feature set never arrives, and I’ve invested a nominal amount of money into something that will replace iMovie for me and the things I use it for. I’ll stick with FCP7 until such time as I decide that another platform is superior, and I’ll move over.
Either way, it’s not the end of the world for me. My work is going to get done. I’ll learn some new stuff. And the sky will not fall.
Easy.