There are many ways to colour grade in FCPX. You can use the match colour feature right up to third party plugins. Kevin McAuliffe takes a look through the options.
First of all we should state that the webinar was sponsored by Noise Industries, so you would expect to find some of their colour correcting plugins featured.
"Setting the mood of your edit doesn't always come from a cut or dissolve. In many cases it's the look of your footage that conveys a specific feeling to your audience.
In this webinar we'll walk you through some simple (and some more complex) color grading techniques inside Final Cut Pro X. Using the built in effects along with some great plug-ins from FxFactory, we'll take ordinary footage, grade it and give it unique looks to wow your next client."
Were not saying that this matches the excellent work of Denver Riddle, but there is always something to be learnt by watching somebody else work a piece of software that you are familiar with.
After the intro's, the main presentation starts at about 12 minutes in.