i know you shouldn't judge a book by it's cover, but it look like shit. looks exactly like imovie (POS program), good ol' apple "aesthetically pleasing", and it just kind of looks childish. like others have said, i hardly render at all when i edit; only to get the few transitions i do use to look right, or text that comes up twice in an edit. i'm kind of new at color correcting and shit (only been working with FCP for about a month) but still, you could color correct one at a time in the viewer and render the whole thing at the same time. the $299 price tag as well seems like an indicator that it isn't anything special. you get what you pay for.
and all the automatic stuff isn't good, like others said, it's simply less control. when do you see a professional photographer put their cameras on auto and click the shutter button a bunch of times? the pictures (or video, in this case) aren't going to come out nearly as well as you'd want them.
but i guess we'll see when it comes out.