Macworld's First Look at Final Cut Pro X

"With the release of its hotly anticipated Final Cut Pro X (FCP X), Apple breaks new ground-not just with its flagship video editor's interface and underlying infrastructure-but with the whole mindset of what it means to be a working professional video editor."

This is a first look but it does hit the major points of Final Cut Pro X including workflow, rolling, magnetic timeline, clips, library and effects. According to Macworld, Final Cut Pro X is "has been re-designed from the ground up with a radically different approach-one that acknowledges and uses device and camera data in a manner that has never before been attempted in the video editing environment."

They also state this is the future of the way data streams from all devices will work in the future. If you use Final Cut Pro, it sounds like you need this version.