This is a disaster to me, as I bought FCP 4 for a project that needs to edit in 23.98p. When you digitize footage in, it stays at 29.97. It plays fine, but my client wants to finish to film with a 24p project...
The most annoying thing about this is that everybody stays that 4.0.1 had no problem -- but you can't get 4.0.1 because the updates are all automatic now! Thumbs down on that.
I am a very experienced FCP editor and I know pretty much without a doubt that there are no tricky workarounds. I'm running a dual 1.25 mirror door G4, with internal scsi's and a Kona card and the footage is coming from a DSR-11. The footage was shot on the Panasonic 24p SD camera in Advanced mode.
BTW, Dr Rawstock (where I bought FCP) is bailing me out by renting me a cheap system. Good folk.