A quick note here: Do you say that because you are an FCP user? Or is this just a generic viewpoint based on some internet griping where the first version was released? (we're now three versions on from that initial release).
I understand what you mean, there was certainly a pretty big backlash upon its release but I think a lot of the uproar was justified, I don't do any video editing but work with a lot of editors and they all seem to tell me the same thing, some great workflow/interface improvements but some massive downsides that make it unusable in its current form. Not being able to load old projects was pretty high on the list but my biggest one was no OMF support as this was a feature that is pretty vital in my workflow. I understand there are workarounds but it seems like some of the pro features were sacrificed.