FCPX, just the tip of the iceberg

Question

I know that everybody on this forum felt, at some point, a kind of hesitation regarding the software "I don't want to call it upgrade because it's not". I felt the same, but for some reason, probably related to my blind trust in apple and in all what Apple does, I hit the buy button anyways.
My slow internet connection allowed me to take my time to watch and read plenty of reviews and demos while the software was downloading, most of them were exciting except for the one issued by Apple in which we get the shocking advise to not install FCPX on the same disk where FCP Studio is located! I panicked because I had a project still in the rough-cut stage and I just couldn't afford not to be able to continue working on it on my FCP studio applications.
But It was too late as FCPX was installed and all of my FCP Studio apps were moved to a new folder.
I followed Apple's advise in moving my FCPX to a new folder and then bring FCP Studio apps back to the application folder where they used to be.
Apple instruct to lunch Motion-4 first, so I hold my breath and did just that, it launched perfectly well, I tried the rest of my FCP Studio apps, everything was working well. ufff, that was a at least a good start.
Now to FCPX, the app launched in no time and that was my first good impression, sat back and contemplated the UI and for some reason I felt HOME.
I'd barely used iMovie before, except for it's built-in trailers that I find funny to use as a teaser to showcase among friends, I'd never used anything else for editing except FCP "since version 2"
Second impression was, again, speed, a 2 minutes cut took less than 5 minutes of editing, I was literally flying cutting those iPhone-4 clips taken last weekend while cycling.
Third impression, still in the positive side, is the export speed, THIS-IS-THE-FUTERE.
everything worked smooth and like magic, smooth cam did a huge job stabilizing my shaky cycling footage, color correction and effects gave the whole movie a totally different look and feel, the rendering speed was just phenomenal. I was hooked to the bones.
I'm not here to defend the software as an absolute must have, neither I am here to tell you that it can replace FCP studio right now,not a all. We still got to keep FCP studio for some time... we all know that.
The actual version of FCPX is not perfect with some glitches and missing feature we all know about, but still, I can confidently say that this piece of software is indeed A GAME CHANGER and it will SOON grow on us in every direction. Apple must be busy working on the next update as we speak so let's keep the moral high.
I highly recommend every FCP user to get the X version and start getting used to it. Personally I'm taking the X experience a step further, I'm  enjoying it

Answer 1

"all the clip connections live in the editor's head" - You can't import in and out points based off of time code? ***? What? Even SMOKE can read FCP edits. Premiere can. Avid can. Randy's telling me that FCPX can't? 
A "new paradigm in editing" indeed.
Nobody wants to answer the basic analogy here: If Photoshop CS5.5 didn't open up PSD files from any version of Photoshop (which it can, by the way), would people be upset? Yes, this is a huge dealbreaker and a showstopper. This should be classified as a major showstopper bug, in all actuality.
Mail form Randy Ubillos, the designer of FCP X
"FCP7 projects do not have enough information in them to properly translate to FCPX (in FCP7 all of the clip connections live in the editor's head, not in the timeline). We never expected anyone to switch editing software in the middle of a project, so project migration was not a priority.
Final Cut Pro X 1.0 is the beginning of a road, not the end."