I would like to get Magic Bullet Suite 11 - its just been announced but I cannot find any news on compatibility with FCPX ... I cannot imagine they would release this knowing FCP was going to be left behind by Apple.

Yes on Red Giants website FCPX is not mentioned which I find strange. Maybe I am not looking hard enough.

I can't speak for Magic Bullet's developers but as a plugin developer I can tell you that it will take some time to transition to FxPlug 2 for 64-bit compatibility. The SDK was just released as FCP X was released. We were able to transition quickly (releasing in a week or so) because all FxFactory plugins are managed by FxFactory, so the hard work was done by Noise Industries. However, in creating the Motion Templates for using plugins in FCP X we did lose many of our custom UI features, including presets.
This means in the case of Magic Bullet they will have to create a different template for each of the factory preset "looks." It will take them some time.

Red Giant - Red Room Blog Final Cut Pro X and Red Giant (http://www.redgiantsoftware.com/blog/2011/06/24/final-cut-pro-x-and-red-giant/)

Messeage from Red Giant CEO above

ProVideo Coalition.com: TecnoTur by Allan Tépper (http://provideocoalition.com/index.php/atepper/story/pluraleyes_for_fcp_x_a_public_statement_from_the_creator_singular_software/)

Q&A from Plural Eyes above