I was having the same problem, but found a solution.
I work on a 15 inch MacBook Pro connected to a 23 inch Apple Cinema Display. When I disconnected my external display, restarted the computer, and opened FCP7 using only my laptop’s screen, the problem disappeared. Next, I connected my Cinema Display while my laptop was open, put the computer to sleep, and then woke it up using an external keyboard (laptop closed). When I opened FCP7 the white screen reappeared. I finally restarted my laptop (closed) while connected to my Cinema Display and the issue disappeared.
There is clearly an issue with FCP7 involving the use of external displays, but a simple restart while connected to my Cinema Display did the trick. It seems like many, if not all of you guys are using one or more external displays, which makes me suspect that the problem involves FCP7 and how it is interfacing with the computer’s graphics card. This would explain why changing the Display Settings (color profiles, number of colors, etc.) might correct the issue.
I am relieved to discover that the problem is hardware related, rather than software related. I just did a clean install of Snow Leopard and the new Final Cut Studio, so having to start all over again would have been torture.
Hugh