Apple announced the end of FCP7 when they released FCPX. So there will be no more upgrades.
I guess if you could buy a version 7 Academic version that would be fine but to be honest I am unaware of the limitations of that so I cant really advise you there.
It is true to say that FCPX was not met with universal approval. If you work in the broadcast world or the film industry then it did lack many of the features that are needed. However Apple have released a couple of updates which have addressed some of those issues and there is no doubt it will continue to develop.
Time will tell if that area of the industry embrace it.
There are quite a few people here who have worked with it succesfully and depending on the work you do and the workflow you need you may find it suits you more than you think.
I would download the demo and give it a try, then decide if you feel its for you.
The problem with buying FCP7 is that you are at a dead end. Sooner or later either the OS will not support it or there will be camera formats that you want to use that it does not support.
How long that will take is anyones guess but in terms of the future, sadly FCP7 does not have one.
best wishes
Neil
http://www.patience.tv