Larry Jordan reports that the Final Cut Pro X build used in the demo was in fact an old one that had been used in February for a small invitation-only preview on Apple's campus and that many more improvements have been made since that time.



From MacRumors:

The new Final Cut Pro is a bold move - a totally redesigned interface, 64-bit memory addressing, multi-processor support, tight integration of metadata in the project file with metadata stored in the clip not just in the project, heavy use of automation to simplify tedious tasks, and a rethinking of the entire concept of what it means to edit.

I can't think of any other company that could so totally redefine what a non-linear video editor is than Apple. Since the release of Final Cut Pro 1, each version of FCP has contained incremental improvements. This is a complete restatement at every possible level.

  Final Cut Pro X Demo: 'Nowhere Near' Final Version