I think "not ready for Professional use" was a gross understatement.
Anyone reading the comments of those who just purchased FCPX?
It IS iMoves on steroids. It can import previous iMovie projects but no FCP7? What?!!!! No tape capture? I don't shoot on tape anymore, but I have clients who still do.
What was wrong with adding the things we needed in FCP 7?
Why toss out the Mercedes and create a tricycle, even if it has a magnetic wheels and looks awesome. If it's not a car, it don't go on the freeway, folks.
I for one am not wasting $300 (plus $50 for Motion and $50 for compressor) to buy something I can't use. And I think a lot out there will do the same. And I don't think amateurs will pay $300 for software they won't really use much. The $39 stuff will do fine for them.
Still looking like Apple made a bold step backwards.
They reacted a product for a niche with nobody in it.
I agree with your final point. If this really is the intended end product, then they really missed the mark. I don't know who they think will stick with this if it doesn't change, and amateurs that don't need the missing features will be more than happy with the free iMovie.