Here's what our plan is. For serious work, we will continue to use 7 as our main edit system. X will be used in downtime and for non-tape based projects.
After Lion is released, I expect a flurry of activity to get X up to speed - either with 3rd party venders taking charge and creating plugins to fix what's missing or with Apple themselves posting updates. Probably, the solutions will come as a combination to both. Right now Lion is the focus, so it's going to get all Apple's development attention for the next few weeks.
I now also have a reason to update my old Automatic Duck FCP Export plugin. If this plugin is capable of exporting OMF's, there's a great chance that other problems will be solved with time and other 3rd party developers.
There are definitely some baby parts in the bathwater that Apple just threw out, I won't deny that. Things are different - drastically different - so I'm personally ok with the fact that we have to wait to really take X seriously. It's day 1. There are no FCPX experts right now. We're going to do all that we can to make sure we're among the first.
John Davidson | President / Creative Director | Magic Feather Inc.
Theres no Doubt that Apple will Fix the Staggering amounts of Problems with FCP X. The issue I have is that These problems should have been addressed before release. Maybe more time needed to be spent problem solving these Issues or "Lack of" issues, instead of worrying about iMovie Compatibility.