Final Cut Pro is a video editing program made by Apple. It is the editing software of choice for multimedia journalists using Apple computers, and is comparable to Adobe's Premiere video editing program. Final Cut Pro does not make a version for Windows.
Final Cut Pro is also particularly popular with video journalists working in the field who want to edit their video on a laptop computer.
Raditionally FCP has been more popular amongst professional editors, although this can also be attributed to the popularity of Mac vs Windows in the same market. For a number of years Premiere was only available on the PC and FCP only available on the Mac. From version CS5 Premiere Pro was again available for the Macintosh.
It is often said that FCP is more stable and/or faster than Premiere, but this may have been more a reflection on the operating system than the software, dating back to the days when Windows was noticably less stable than Mac. In my experience Premiere is very stable on a well-configured Windows system.
Both Premiere and FCP are standalone video editing applications, and both are available as part of larger software bundles. The bundles are highly recommended in both cases, giving you much more power and flexibility over things like audio, graphics, etc.
The practical differences between Premiere and FPC are minor. It's also worth noting that when one application has a feature the other lacks, the gap is often closed in the next round of releases. Don't base your decision on a feature of one product unless you are sure it isn't going to be introduced or upgraded by the other product in the near future.
If you want the best and money is no object, FCP is usually the way to go. On the other hand, you can get essentially the same functionality from Adobe for a lot less money. This is especially true if you already own a PC capable of running Premiere but would have to buy new hardware for FCP.
So final cut pro and Premiere Pro CS5 which would you like to buy? You can judge for yourself.
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