FINAL CUT PRO X to their app store for $299. They also included new MOTION & COMPRESSOR programs for $49 each. There's now no need to transcode your HDSLR H.264 footage to Quicktime, and you can shoot, import, and edit on the fly.
The new FCP X version does not overwrite your previous FCP versions, but it will rearrange the files for import. Any plug-in filters from earlier version will not work in the X version, until updates can be made.
I'll update this entry later with reviews as they appear.
UPDATE: Ken Stone weighs in with his overview.
UPDATE: Digital Rebellion has the good, bad, and ugly facts.
UPDATE: Wide Open Camera's interesting take: calm down.
UPDATE: New York Times says long live Final Cut.
UPDATE: Apple hits back.