Will the Studio ever be Updated?

Since Final Cut Studio X came out, I personally have not seen it in action, but most of the reviews say is not as good as it's predesesor, most of the feedbackI have found complains about getting a PRO software for editing and making it Home use basically, most of the feedback I've seen says they will switch to Adobe Premier, which I personally have not used since FC is one of the best suites I have used. As codecs and video changes, will FCP 7 be the last of it's kind? will we all have to switch to premiere?

OK...doesn't work at all for NETWORK television and feature films.  You won't see RAISING HOPE or CRIMINAL MINDS edited with FCX.  I highly doubt you will see any reality shows, any narrative shows on ANY network, documentaries (or reality) on History, Discovery or National Geographic edited with FCX.  MAJOR NATIONAL networks Ben...not local TV. 
FCX is a very closed environment, and major productions require workflows that include sound mixing outside of the editing application...FCX doesn't allow for that.  Not even with the update. 
Local TV can fiddle with it all it wants, but high end network shows, high end and mid-range cable programming (many of whom used FCP 7) won't be adopting FCX anytime soon. It simply doesn't do what we need done.  And the key to that is TRACKLESS editing that some engineer at Apple seemed to think was old, a thing of the past, and useless.  Far from it.
Output to tape...and capture from tape...is still a BIG part of network and cable workflows. Many places (Discovery, History, E!) still require tape as a deliverable.  Apple for some reason thinks they shouldn't be bothered with having to include that, so they leave that to third party vendors.  Oh, but we need split track audio mixes.  ROLES...sorry, weak attempt to fix this.  I need to output a stereo mix, a Mix minus music, Music, SFX, Narration...all at the same time.  And the sound mix done by a professional mixer.  FCX doesn't allow for that. 
SO...if you want to find work on network TV, cable TV shows...documentary, narrative, reality shows...national networks...or feature film....AVID is the main choice to go with.  Premiere Pro is making in-roads, and might be the software that replaces most of the FCP 7 setups companies have.
Sorry Ben...you are in that vast pool of low end users that love FCX.  But those of us in the very small 2% who do what the country watches on cable...find FCX lacking pretty severely.  And you won't find it in use here anytime soon.

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