I had the same problem a few years ago. I've been using FCE ever since, and because I'm constantly on the go (doing a lot of freelance travel videography in East Africa, and soon, in Europe as well) with naught more than a Macbook and a hard drive, I find that the smaller scope of Express is perfectly suited for me. If I ever decide to settle down and shoot more ambitious, original films, I'll definitely upgrade to Pro and update my hardware to boot. But for now, shooting 5-10 minute shorts in foreign languages and editing under serious time constraints and in (often) uncomfortable circumstances, FCE is the perfect editing suite for me.
My only criticism: I'd KILL to have more file compatibility. I have to convert my camera's raw footage several times in order to get the video in .mov and the audio in .aiff formats, which is a pain and takes up a lot of space, especially since I often outsource to other cameraman using equipment formatted for Windows. So I have to run through a lot of external programs/conversions before I can really even start organizing my footage. It's kind of a bitch, but I'd still rather have the smaller scale/scope of Express for my current ambitions.