In addition to getting the industry standard for video editing, the price is right. The full version is $999, and the upgrade from a previous version is $300. Adobe Production Premium, the most popular of rivals, retails for $1700 new, and $600 for the upgrade. However you may want to buy Photoshop, or a decent graphic design program if that's part of your workflow.
Something Apple should consider, down the road, is producing a knock-off of Photoshop that would integrate better with their products. I consider Photoshop an essential, as well, but, in Final Cut Studio, importing a PSD file always seems to go badly. While it may be a bit late for Apple to become a serious competitor in the realm of graphic design software, a simple graphic program that works well with Final Cut Pro and Motion would be nice to include here. More importantly, it would eliminate the need to go outside Final Cut Studio to third party software.
Overall, while Final Cut Pro 7 is really what makes this whole package of Final Cut Studio worthwhile, some noteworthy updates to Compressor 3.5, will help save you some time and headaches. Also, Motion 4, although not much of an update from 3, is still pretty essential (unless you already have After Effects), and Color 1.5 is a great program that can make your overall finish a whole lot slicker.
For the price, you are getting a great package here, you just may want to consider also investing in some third party software to burn blu-ray discs and a graphics program like Photoshop, if that's part of your workflow.