More of what I saw at NAB:

I was really impressed by the demo which made it abundantly clear that Apple has been doing their homework very seriously with PROs in mind. This is NOT iMovie Pro...

These are some of the features I wrote down at the Supermeet Final Cut Pro X Sneak Peak - and there's lots more they didn't have time to show. It was really an overview.

Many people ask if this is an update to the entire studio- apparently that is coming, but this was a preview of FCP specifically.

Larry Jordan has an excellent article with a quote from Richard Townhill, Director of Pro Video Product Marketing for Apple:
“the purpose of today is to focus exclusively on Final Cut Pro, highlight some of the new features, and give people a chance to see and comment on the new interface. We will have much more to say about both Final Cut and our other applications in the future.”

Resolution Ind playback up to 4k
no transcoding necessary for H.264 clips (showed a Go pro clip mixed with Phantom and Red it looked like)
built in Color management
using Grand Central Dispatch for background rendering using all cores and RAM at 64bit

Content auto analysis
People detection (i.e. 1 shot, 2 shot)
Scene detection
Color balance
Audio cleanup
Noise, hum, channel cleanup (used, unused channels)

Range based keywording
Smart collections
Clip connections
Magnetic timeline
Sample level timeline
Audio level range editing
Audio curves /fades
Vastly improved keyframe engine directly on timeline (kind of like Motion)

Compound clips - like nesting but more elegant
Inline precision editor
Audition- a timeline holding area for other shot options- instantly updates sequence including length, etc.
built-in Color Grading with primaries, secondaries, masking, curves and more

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