FCP X has been enthusiastically embraced by the editing community. That's my point.

Where? What editing community? My day job involves moving around various small and big TV networks (national and international), production and post production houses. Not single one of them even considers FCPX, let alone having one in house.

As for features lacking, there are many. I'll give you one on my personal example. I'm finishing up a documentary I'm working on now (in FCP7, but let's pretend I was working in FCPX), in order for me to move it to a finishing stage from editing it needs to go through grading via EDL/XML (with this update I believe it's settled) and I have to get OMF out the door with a small preview file to a sound post facility. If I were in FCPX I couldn't give them OMF. No OMF, no sound post in pretty much any facility out there. I'd have to give them a raw EDL sheet and sound files, which they would charge me significantly more, that is if they would take it like that at all.

As for multicam lacking, I personally don't need it since I have a habit of editing multicams via separate synched tracks, but I can see how other might find this lacking.

XML support (if it works) might resolve major issues like integrating with grading suites and other post production stages. OMF is a must, without it - no go. Multicam, as I've described above. Color discontinuation in favor of integrated grading tools is not a major issue to me since I never relied on color for grading to begin with. Inability to work with previous Final Cut projects (unless it's resolved with XML support) is something that bugs me, since I tend to open past projects a lot. Not having an ability to open more than one sequence at a time is something I'm familiar with from AVID and which I liked a lot in FCP, but I can live with that. No native support for R3D (which Premiere has) would be very nice and expected, but isn't there which means I still have to work with rushes (we mostly work with red cameras).

As far as me personally goes, I need rock solid XML (which maybe it now has) and OMF (which I can't work without). Other people might be more picky. Main thing why I won't switch to FCPX in the future is because there are better alternatives (new Premiere looks like what FCP8 should have been, AVID6 does wonders...) and because I don't put trust in Apple when my job depends on it. How long was FCP without any feature release or secretive nature of not disclosing anything in advance for their 'Pro' products is not something I want to rely on. I relied on Shake, they have killed it. I have used India Pro, they have killed it. I have used FCP6 and FCP7 (still do and am transitioning to other programs) and they have released new version which renders me not being able to finish a project without supporting old version. We were even one of the fools that bought Final Cut Server (which is a POS that doesn't even work as advertised) and XServes, they have killed those too. We're currently waiting to see if there will be a new Mac Pro offering at all in the coming months or we'll jump to HP machines for editing. Why would I ever again want to rely on that company again? And I'm not alone in this thinking. I have my Macbook Air for scriptwriting and that's what I will trust them with, laptops and gadgets.