I am using both, Final Cut Pro 7 and Final Cut Pro X.
This is from MacRumors:
Apple has put the previous version of its Final Cut Studio video editing suite back on sale after a mixed reception to the new and completely redesigned Final Cut X. We received word that Apple had issued a memo this afternoon announcing re-availability of the product.
We confirmed with an Apple telesales representative at 800-MY-APPLE that Final Cut Studio, part number MB642Z/A, is again available for $999 (and $899 for educational customers). The product is only available through the 800-number and is not available in Apple Retail Stores or on the Apple Online Store.
Final Cut Studio is a comprehensive video editing package that includes Final Cut Pro 7, Motion 4, Soundtrack Pro 3, DVD Studio Pro 4, Color 1.5 and Compressor 3.5. Apple had discontinued the product at the launch of Final Cut Pro X, their next generation video editing suite. Critics of the new product had complained that the abrupt discontinuation of the previous version of the software had made the transition more difficult. Apple had promised regular updates to Final Cut Pro X.