I just got FCP, used FCE to do effects, but its annoying with the whole .dv conversion.
Also, FCE and FCP, i think you can download different plug-in effects.
MACtheRIPPER is good, you should try handbrake as well, pretty easy and simple program to use, and comes out to be a .mp4 or a .avi.
But yeah, have fun, I'm pretty new to the whole Final Cut thing... when i first opened, it was quite overwhelming with all the things you can do, but I just messed around in it and found some pretty neat stuff.
And if anyone knows how to go around the .dv conversion, but I don't think there is anything around that haha.