For those of you who didn't see it, Apple released Final Cut Express 2.0 today for $299. Looking at the feature list, it looks like FCE2 is based on FCP4 (as ppposed to FCE1, which was based on FCP3). However, 24fps editing and advanced pulldown are two features that are only available in FCP, so most DVX owners will still do best with FCP rather than FCE. While I understand Apple's desire to charge a premium for film and "film-style" editing, it's unfortunate.
For a more thorough comparison of features, check out http://www.apple.com/finalcut/.
For a more thorough comparison of features, check out http://www.apple.com/finalcut/.