With the release of version 10.1.1 Final Cut is finally at a place where I think it is a viable editing app again. As a big Apple fan, that really excites me! However, with all of the additional apps you have to buy (I didn't even mention, Motion, Compressor, Logic...), and the upgrade that has to be done to my computer system, it feels like a bit of a tease... there goes that affordable price of $299.
I agree that there are aspects to FCP X that still need treatment - it's inability to read a standard XML format from Avid, Premiere, or Smoke is kind of ridiculous. However, the editing paradigm X uses works well for many people. And FCP's ability to work great for one-man-band operations is all over the web (and some larger outfits as well). I think any claims to the contrary are hyperbolic and boil down to personal preference. X is a capable editor if it suits your workflow and style. It's not good for everybody. But that doesn't mean it's not good for somebody.