I've edited 3 shorts with FCPX, one of which just played at the Indie Memphis Film Fest this weekend. The digital file I exported from FCPX looked great on the big screen. It was also fun grossing out a packed theater of mostly art film enthusiasts. heh
That short was originally started in FCP6, but I upgraded to FCPX and translated that project with the 7toX app. Yes, I know you should never do that with a live project, but I was planning on re-cutting it anyway (due to the director changing his mind about the entire opening cut), so if it didn't work, it wasn't a big deal. It actually worked nearly flawlessly though. A few split-edits were off due to the new way FCPX handles J and L cuts and the temp titles were missing, but that was it.
I used FCP6 for years, but have quickly come to love FCPX. You just have to learn its new methods. Its file management makes much more sense to me, and it runs much smoother than FCP6 ever did. And I love how fast you can apply and edit filters, do basic CC, and never having to worry about losing audio sync.
Also love how easy it was to sync external audio to DSLR footage by making "compound clips." So simple.
Certainly, it has it's quirks. The timeline can get pretty messy when you have a ton of overlapping shots. And yes, it does "dumb down" some of the features. But since it makes it faster and easier for me, I really don't care how "pro" it looks.
Granted, I'm not making high-end theatrical releases, so it may not work well with that kind of workflow. But for an indie producer who's output is to YouTube or Vimeo, or regional festivals, it is excellent.
I know I'm one of the few fans, but that's ok