Michael was there right at the start of Final Cut development at Macromedia before Apple bought the program, so he's got a pretty good background in NLE design and how things work. Some excellent advice from him in these three videos from the recent LAFCPUG meeting.
Did you realise that your in and out points won't be saved on a clip if you click on another one and then go back? Michael has a workaround. Do you know how to backtime a clip? He'll show you how in Final Cut Pro X.