Does Motion have tracks? I'd say it doesn't, really, anymore so than After Effects.
Is X's container system a node tree? Kinda, sorta, but not really, but close? When you start adding "adjustment layers", it gets a step closer, but it's not as tight of a package.
Actually, Motion's structure is more like X's structure in more ways than a track based system.
Groups can be containers, which can compliment X's clip container system very nicely. A group can be a compound, a storyline, an audition, a multiclip...a role.
We are missing connections and magnetism.
I agree with Bill, that the Event as organization is completely great. It is one of my favorite aspects of X. It gives you a massive amount of data that has been hand picked by me quickly and efficiently, and then allows quick access to view, organize and rearrange further than having multiple selects timelines and a copy/paste function to a "master" timeline, or as a version timeline. In my opinion, it is really powerful, and most of all extremely useful. With a click of a collection, I can drill down even further, or with another click of the top layer of the Event, I can go back to everything.
I have posted this pic before, but since video monitoring came out, I have been running the viewer on a smaller second monitor, and I have the event and the Project stacked on one large screen. My video monitor becomes a new viewer. I I need to switch the setup for more precise compositing/key framing, I simply switch the event and the viewer. I find it works very well, and I rather like it. It's fast, it's highly creative, and the "birds eye view", I get of my media and decisions is so much more tangible and useful than other tabbed based methods.
Pics here:
