I've actually been frustrated with FCP X because it doesn't feel very fast to me. I love the magnetic timeline, the metadata tools, the auditioning, and the reduced toolset that still lets you ripple, roll, slip clips, etc.
BUT....I've noticed that the timeline gets laggy when my projects get to 3-5 minutes, with lots of edits. FCP X needs a second to think when you ask it to zoom in or out of the timeline. Scrolling feels laggy. Sometimes, FCP X needs a second to highlight a single clip I've selected. And then there's sending my project to Comrpressor for output....God, that's slow. Not the rendering, per se, but when you literally choose the "Send to Compressor" menu item in X, you get a spinning rainbow for 10, 15, 20 seconds before the project appears in Compressor. And then, if you want to set In and Out points for your encoding, there's another spinning rainbow for about 15 or 20 seconds.
Anyway, FCP X's tools and interface can make the organizational and creative process of editing faster, but the app's performance gets bogged down too easily. I'm really hoping Apple has been working on these performance issues, along with the multi cam editing and broadcast monitoring features due in early 2012.
By the way, I have an 8 core 2.93GHz Mac Pro with 32GB of RAM and an 8 drive miniSAS raid, so my Mac's specs are not the problem....
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