I heard rumours a few years ago that this was going to happen. Here it comes.
I'll miss it but not really all that much to be honest. FCPX is so amazing and now has all the pro features that were initially missing that I really only go back to 7 if I have to do something to an old project.
I sometimes open up FCP 7 to do a tweak on an old project and when I do it just seems so slow compared to FCPX.
I have the utility to convert an FCP7 sequence to an FCPX project but haven't used it much. (What I should probably do soon is update every one of my old sequences just in case in the future I need to do something and can't find a Mac with an old OS to open it with.)
I remember FCP 3, then 4 then 6, then 7 changing the world of video and film production. It was first (I think) with the idea of cutting your HD originals instead of doing offline/online. So many people got their editing and assistant editing careers started with it.
When FCP 6 was current, I was working at a post house doing features with it. The big conflict there was Avid vs FCP. There were the old farts who took forever to cut a feature on Avid and were set in their ways and then there were the young guys and gals who had recently graduated from film school using Final Cut who got a movie out the door in a couple months. Those supporting Avid had some idea of "industry standards" and dug in their heels. They got surpassed in the end by Final Cut.
(I see history repeating itself now with FCPX. There are the old farts who are resisting the change of timeline interface and then there are the others who embrace it and are getting more done.)
To use a musical metaphor, I can dig both punk rock and classical.
I think we're at the point now where people are putting in "ironic" star wipes so they're cool again. (But only ironically, if you're serious about them then that's considered bad.)
For really long term usability, saving in uncompressed is the best. It takes up a lot of room of course but anyone in the future wouldn't have to worry about what will be an old codec that nobody uses anymore.
It can happen. Just last year a friend who had had a stable long term career as camera operator in a TV station was replaced with a robot camera. He's now cleaning apartment buildings.
Stigmas can be shaken over time. Sometimes quickly.