I just purchased an iMac and FCP 7. Do you think it's a good time to upgrade to the latest or what until the kinks are worked out? I also wanted this iMac for the new Thunderbolt. Has anyone used it yet?
It's entirely your call. There's no debating there are many features FCP X does not have that FCP 7 does. That said, if you're just starting out from scratch and you don't need those features- which are primarily the sorts of features folks working in higher end post-production facilities require- you are likely to find FCP X a lot easier to learn.