I cut on Avid, so I couldn't answer this question from a friend. What is the difference between a student and retail version of FCP? In Avid, you don't get the manuals, and you don't get the 'third party' software bonuses, but you get the full NLE. You're not supposed to cut 'for pay' with it however.

What's the student version of FCP include or leave out?

Thanks

The student version is the full deal, with one exception - you can't upgrade it. They same applies, not for cutting for pay projects.