Avid's advantage basically comes down to the fact that is was designed by editors for editors.
FCP was designed by computer people.
So...Avid can be ALOT faster once you master it to do the edits that you want to do quickly when you think of them - or when your client asks you too. Clients will spend alot less time looking at their watch when the editor is using an Avid (assuming he/she knows how to use it) Things in FCP just take longer in my experience (and yes I know how to use FCP).
Plus - I find Avid alot more reliable. (I know the new version crashes sometimes but it's being fixed) I can trust that a certain timecode in the Avid is the same timecode on the tape. I trust that it wont drop frames.
That being said - FCP does handle QTs alot better. One of the jobs I did had alot of QTs from FCP and AE for source files - I should have just cut it in FCP as it took forever to import the files correctly on the Avid as they weren't created in an Avid friendly way. Plus I was on the old hardware version of Avid which imports QTs like molasses. (new software only version handles QTs better)
But Avid handles the P2 format the best as it is native on the Avid. (the P2 records MFX files to the card and MXF files are the media format of HD on Avid) There is no transcoding process as there is on FCP.
Avid has a much steeper learning curve. But once you master it - you can be really fast.
It allows you to edit with the keyboard and not pointing and clicking with the mouse - which anyone who uses keyboard shortcuts in Photoshop knows that is ALOT faster. The only time I use the mouse in Avid is for navigating through the timeline or in effects.
Editing with the keyboard gives you a much closer feeling to the footage.
Whenever I use FCP I try to "Avidize" it as much as possible - but the trimming functions on FCP are HORRIBLE when compared to Avid. Trimming on FCP vs Avid is like comparing a Kia with a Lexus.
Anyways - FCP has it's uses. It's cheap, easy to learn - but that has a downside too - as there are now TONS of "FCP editors" out there all competing for the same low budget FCP jobs. (High budget FCP jobs do exist)
Last year I cut the American Idol Ford Music Videos on FCP - only because an HD Avid on the Mac didn't exist yet. (it does now)
It was ok - frustrating at times - FCP isn't good for cutting music videos when compared to Avid. And my experience cutting my first feature on FCP were much much worse.
If you are looking for a job as an editor or assistant in LA or anywhere else LEARN BOTH. That will make you much more appealing as a hire.
As a general rule though, the well paying jobs are on Avid - and the low paying jobs are on FCP. There are exceptions to this rule though.
FCP may be cheap - but now with the software only Media Composer - for me there's really no excuse for using FCP in my opinion.
Another great thing about Avid - but this doesn't apply to student filmmakers because it is ($$$$$$) for big post house facilities is Avid Unity. It basically allows multiple editors to work on the same project and the same media at the same time seamlessly. It is great for feature films. But again - not really applicable to student filmmakers - but actually a lot of schools have Unity for their Avid systems.
Hope this helps!
-Chris
Studentfilms.com