It won't import FCP7 files, but it opens iMovie files. no support for any tape based capture or export, save some Firewire devices. no third-party (playback, output, e.g., Kona) hardware support, no third-party codec support. No third party video plugin support. you cannot send or receive an EDL or XML file for online editing or finishing. (apparently) cannot apply (audio) effects, volume, and pan settings to a track. No multitrack audio recording

I like some of the new ideas, but I think I'll be clutching my FCP 7 for a while yet.