Many editors feel that Apple has downgraded the feature set of its Final Cut program in the newly released Final Cut X, and are seeking alternative solutions. One of the most promising seems to be Adobe Premiere Pro, however this is somewhat lacking in color grading ability. Black Magic Design produces DaVinci Resolve, a stand-alone pro quality color grading package which retails at about $1,000. They have also recently announced the release of Resolve Lite which is a free version of the full package.
DaVinci Resolve Lite is a free download for Mac OS.
For those not happy with FCX, Da Vinci Resolve is a very nice color correction software. And they obviously know that FCX isn't happening for many. It is faster than Color with a similar nodal workflow.
I haven't tried Lite yet but many of the disabled functions don't matter to a large portion of users.