exactly. You can get just about the same thing done with either program. I can't say this with full certainty as I'm not too well versed in fcp7, but premiere does seem to have better features, faster render times, and natively supports more formats. It's p2 workflow is also superior with being able to work with the raw p2 files instead of transcoding them. I also tend to use the garbage mattes in premiere and, perhaps they've upgraded since fcp6, but the fcp garbarge mattes are well, garbage.
However, all that really doesn't matter as neither one is going to limit your creativity and when it comes down to it you can do most anything you want in either program.
On the plus side of fcp I feel as though it's a lot more stable. Maybe it's just me, but I've had a lot of trouble with premiere crashing. So a lot of the time that I may gain in my faster render times and not having to transcode I lose with having to reopen the program and re edit.
I was hoping premiere would run smoother on a mac, but I recently made the switch from windows and I'm running into just about as many problems. I really wish premiere was more stable...