Having worked with every version of Final Cut Pro since 3.0, I can say that anybody remotely familiar with the interface in older versions will find themselves right at home with 7. Cosmetically it looks just about the same as it did years ago, workflow runs the same, and all your familiar tools are there… with a few new bells and whistles, ultimately designed to save you some time.
For new users, the learning curve on the basics of Final Cut Studio or any of the other software (other than Color) included in the studio isn't very steep, although getting below the surface to some of the more advanced features can potentially take years. There really is a lot to play with here. Fortunately, all the products in this bundle are integrated very tightly, and you can send clips right out of your Final Cut timeline into pretty much any other program in the Studio.
There is a lot to play with here, and the addition of YouTube and Blu-Ray specific exporting codecs helps a great deal.
The big downside, however, in Final Cut Studio is not being able to burn a Blu-Ray out of DVD Studio Pro, so if that's part of your workflow, plan on investing in some third party software. Also, you may want to plan on investing in Photoshop, or a decent graphic program.
Despite the fact that you need a newer Mac to run it, Final Cut Studio is still a 32-bit application, so it isn't really using your shiny new computer to its full 64 bit potential, although, like older versions, it still seems to run pretty well with other programs open in the background.