From Apple Press Release:
“CUPERTINO, California—June 21, 2011—Apple® today announced Final Cut Pro® X, a revolutionary new version of the world’s most popular Pro video editing software which completely reinvents video editing with a Magnetic Timeline that lets you edit on a flexible, trackless canvas; Content Auto-Analysis that categorizes your content upon import by shot type, media and people; and background rendering that allows you to work without interruption. Built on a modern 64-bit architecture, Final Cut Pro X is available from the Mac® App Store™ for $299.99.”
The big problem I have found already is there seems to be No Import Of Previous FCP Projects!