I've seen some comments that the trackless approach of Final Cut Pro X makes it difficult to create variations of a project within the same project, where one would typically put their variations on different tracks that can be switched on and off as needed. However, it seems plausible that "auditions" could be used for the same thing, wherein the alternatives are stored as audition elements that can be made active or inactive as needed.

Because auditions work at the clip level rather than sequence level, this could be pretty tedious if it only works on discrete clips. So, my question for those who are currently testing Final Cut Pro X is: can auditions contain compound clips?

Last night I downloaded FCPX at home as well as we we're looking at it here at work. When I auditioned a clip it loaded the entire clip from the event browser and when I went to put it in the primary storyline it pushed the sequence down in ripple mode. So far it look like audition would work best for working with music or longer audio clips. Let me know if I'm wrong on this. I will have to play with it more over the 4th so I know that doesn't answer your question.

Also, I'm having problems with the skimmer. Whewn I toggle off and then back on it doesn't seem to re-engage.

Anyone else having that problem??

Yes, you can.
Final Cut Pro X multiple versions | Andy Yoong (http://andyyoong.com/multiple-versions-in-fcpx/)