To expand on the pain of this auto-save function:
If FCP X crashes, I find that sometimes I loose some of my edits.
After re-launching FCP X, it is a painful process to search what edits were saved and what edits were lost. I find that the stuff that got lost may not follow your edit timeline – meaning that you may lost a text at earlier point but kept the re-timing changes at later edit point.
With FCP 7, I save at logical points and if FCP 7 was to crash, I know where to start and it would be a “clean” save point.
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Ray