My mind is so warped over FCPX that when a client brought in his laptop with this FCP error, I can't remember how to troubleshoot. I looked in root/Library/Application Support/Final Cut Pro System Support/Plugins but those are not causing the error. This install has a boatload of plugs, so they must be somewhere else. Client says he used the defaults for all plug installs. Perhaps it's something else? Thx!
Phoenix Studios Nepal: A small A/V Production House in Kathmandu.
In the capture you posted I can see "Loading Effects Multicolor Vignette.."
That may be the one causing troubles.
If is a third party plugin may be installed in Applications or somewhere else.
PS: Wit FCX? You are a fearless guy.