Apple handled the intro to FCPX badly. I have cut some projects (paid gigs) on FCPX and with many things it is better, but not all. Most of my editing will still be on FCP7 for now to stay compatible with others. I am going to check out Premiere because that is how I started non-linear editing back in the early '90's. Back then nobody gave it much credit but I was doing TV commercials and documentaries with it. Never did the Avid route. Started on FCP with version 3. Both Avid and Adobe abandoned the Mac platform for a while so while FCP worked it was my editor of choice. We all are wondering what Apple will do to fix FCPX.
For some history of Final Cut, Rob Tinworth has made this short video on his life with Final Cut Pro. This video is a great way to see where FCP has gone.