Apple released a FCP X Faq
Can I import projects from Final Cut Pro 7 into Final Cut Pro X?Final Cut Pro X includes an all-new project architecture structured around a trackless timeline and connected clips. In addition, Final Cut Pro X features new and redesigned audio effects, video effects, and color grading tools. Because of these changes, there is no way to “translate” or bring in old projects without changing or losing data. But if you’re already working with Final Cut Pro 7, you can continue to do so after installing Final Cut Pro X, and Final Cut Pro 7 will work with Mac OS X Lion. You can also import your media files from previous versions into Final Cut Pro X.
Basically being unable to open FCP 7 projects or sequences (though it can open the consumer iMovie ones) is a huge part of my business, and I would rather move to Premier Pro 5.5 or Media Composer 5.5 which can open my FCP 7 sequences via XML (Media Composer with the help of Automatic Duck, which I already own).
The FAQ did have some good answers, but this above alone was enough to send me to try to get a refund.
Does Final Cut Pro X allow you to assign audio tracks for export?Not yet. An update this summer will allow you to use metadata tags to categorize your audio clips by type and export them directly from Final Cut Pro X.
Of course this feature as well, not being able to assign tracks means my 20 video track infomercials would be so confusing it would hurt! And mixer’s will still hate the exports of audio, even if things are tagged!
So I am going to fight for a refund!