Too much negativity around here. While I will still use FCP 7 for my main work, I feel like i will keep coming back to FCPx to cut short clips. Post cool features you have found that aren't being highlighted in the press release.
Composite Mode - FCP has the same composite modes as photoshop now!
Slow Mo - The optical slowmo is amazing. I've slowed 30p footage down to 20% and it looks like it was shot with a high speed camera. Way better than twixtor and way faster too.
Filter controls - You can control simple parameters right on the picture (vignette size falloff etc)
Audio effects - some of these effects are straight out of logic 9. Also audio clips are not limited to frames anymore, making it technically possible to beat match in FCP.