I love FCPX. Anyone who bitches about it have usually only used the first version. It can do everything FCP7 does and then some, at this point. I think we're 5 updates in. All the issues people had with it were addressed in the first few updates. But some people had already jumped ship at that point.
If Final Cut 7 was in the $700 range, FCPX is MORE than worth the $299.
I'm learning AVID at the moment, and I'm still partial to FCPX. I will use Premiere if it's called for, but FCPX is my go to.
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