Bret is absolutely correct about this – there are so many respects in which what we saw at the Sneak Peek was stuff that was already implemented in iMovie 11. The interface and timeline functionality are in almost every respect the same, from things like the Magnetic Timeline and the Precision Editor to the Context Menus, the Audio editing tools to just about everything else.
The only major difference is the layout of the edit window where for some odd reason the “Timeline” is up in the top left corner and the “Browser” is down at the bottom.
Anybody still under the impression that we will be getting un updated version of FCP 7 is in for a very big disappointment, I would have thought.
That said, from what I’ve learnt so far of iMovie 11 it’s very, very fast and a real delight to use, albeit in no sense a pro type experience, and bodes well for FCPX. There is no doubt in my mind that Apple have taken a product that works and are building the new FCP on top of that – but frankly to call it FCP is a bit of a sleight of hand to say the least.