Switch to FCP X or continue w/ 7 or can I install BOTH?

Having given up on Apple releasing a new MacPro, I am about to buy a top of the line IMac (27", i7, best graphics card, 32 gigs ram) for home.   I have been teaching final cut pro 5,6,7 Final Cut Xpress HD as well as Premiere since 2002. 
  From what I am reading, many are using Final Cut Pro X now w/o "issues".  Here are my questions: (1) Should I finally get FCP X for use with 2.5k & 5K GoPro, Sony AVCHD2, and RAW? Is it finally a PRO app? ( I also wish to be able to work with audio in other apps.)  (2) Can I install BOTH FCP X & FCP 7 on the same partition? (3) Should I just bite the bullet and buy Avid? (which I am comfortable with)   The BIG issue that I am head shy about is cross platform worflows with sound & after effects/smoke that are often over one hour in length with multiple timelines, multiple cameras/effects & motion graphics.
  If Tom Wolsky is still around, I have enjoyed using your texts teaching at University and Art College... I have always found your answers to be concise and intelligible, however, obviously, I respectfully ask for anyone's help with this decision.
ThankIng -- Babylon Slim

1. FCP X has always been a pro-app and is the future here and now. To see whether it is suitable for your requirements download the free 30 day trial
http://www.apple.com/finalcutpro/trial/
2. Yes you can have FCP 7, FCP X and FCE 4 all on the same partition but only one can be open at once, of course.
3. Only you can answer that, after testing FCP X.
Tom Wolsky is alive and kicking and you will find him leading the Final Cut Pro X forum next door.

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