Does anyone know of a plug in that will add picture in picture transitions similar to below-
P in P transition on Vimeo

Final Cut X has a heap you can just drop onto your cut and then adjust the length by dragging.
I know they are very iMovie-ish, but for certain types of edits I believe they would be handy, especially if editable such as the ones in FCX- Open transition in Motion, then replace or modify any aspect of it, backgrounds etc.

vasst scattershot?

Thanks Leslie
Hadnt seen that one before. Not sure if it will be the drag and drop easy option I was thinking of, but interesting none the less.
I might have a go at making one with parent motion, just need a script to apply it to increments of the chosen media like this.

Scattershot will do this for you, it'll not have the rounded borders tho. You could also do this with a still frame graphic/png file and cutouts, plus some track motion. Scattershot isn't 100% the answer, but it's fast.

Thanks for your reply Douglas. Ive just been watching the Scattershot Demo vid, impressive, yet as you noted its not really the same thing.
I did make one in Vegas, with a bit of to and fro ing between Vegas and Photoshop, that effect can be copied, but at a price of about 10-15 mins (first one mind you, it would get quicker I guess) its just not like the easy option in FCX where you can customise one or more to your liking and save them as new presets.
We always want the things we cant have :)