Having just spent $26,000 on buying my EX-1 kit (which included 17" Macbook Pro and FCP Studio 2) I am reluctant to go out and spend more money on Grading software if FCP can do it just as well. I love what Magic Bullett's Looks can do (kudos Philip Bloom and others), but can Color in FCP do the same kind of looks? I understand that Magic Bullett is a simple drag and drop for most looks, but can I get the same kinds of looks in Color?

Absolutely - and probably more. But it's much harder to get there in many cases.

Color is a great, professional package but it's missing some really basic things that make MB and FCP's built in CC so quick and easy.