I stumbled upon this thread and late in the discussion but I thought FCP did not work on new iMacs because, according to Apple: ATI or NVIDIA graphics processor (integrated Intel graphics processors not supported)
I found this out after trying to load in on my i7 and the install failed. If someone has figured out how to make this work, please tell me. I got this one because my G5 Tower is dying a slow death. Either way I’ll start pinching pennies again to replace it with a tower, but that may be some time.