MAJOR UPDATE TO APPLE'S FINAL CUT PRO X - VERSION 10.1 OUT NOW

More detailed information about Libraries and how they work in the Apple Support document available at:

support.apple.com/kb/HT5958

Final Cut Pro X 10.1 is available for download at the App. Store. This update is free to existing Final Cut Pro X users.

New Features Final Cut Pro X 10.1

Optimized playback and rendering using dual GPUs in the new Mac Pro
Video monitoring up to 4K via Thunderbolt 2 and HDMI on select Mac computers
4K content including titles, transitions, and generators Libraries allow you to gather multiple events and projects within a single bundle
Easily open and close individual libraries to load just the material you need
Option to import media to locations inside or outside a library
Automatically back up libraries to a user-specified drive or network location
Project Snapshots let you quickly capture the project state for fast versioning
Audio fade handles on individual audio channels in the timeline
Add precise retime speeds by entering them numerically in the timeline
Non-rippling retime option One-step Replace and Retime
Custom project frame sizes
Through edits displayed on all clip types
Join Through Edit command removes bladed cuts to clips in the timeline
Detach audio from Multicam Clips in the timeline to manipulate audio and video separately
Make video or audio-only edits into the timeline with Multicam Clips as sources
Blade and move audio in J- and L-cuts
Roll audio with J- and L-cut splits open
Option to hide the Browser to gain more screen space for viewing
Native support for .MTS and .MT2S files from AVCHD cameras
Used media indicators on source clips
Improved performance with large projects
Improved performance when modifying or adding keywords to many clips at once
Easily move, copy, and paste multiple keyframes
Option for linear animation with Ken Burns effect
Improved image stabilization with InertiaCam and Tripod mode
Import photos from iOS devices Proxy and playback quality controls accessible in Viewer menu
Support for portrait/landscape metadata in still images
Effects parameters, fonts and text size included in XML metadata
Improved support for growing media and edit whilst ingesting 
FxPlug 3 with custom plug-in interfaces and dual-GPU support
API for custom Share operations using third-party software
Share directly to YouTube at 4K resolution
Share directly to Chinese video sites, Youku and Tudou
Spanish language localization
Ability to interact with the share target application to customize the export operation.