My buddy Scott Simmons of the Editblog has really outdone himself this time. He has written a GREAT post (5 pages and well worth it) on the basics of Avid Media Composer for the Final Cut Pro editor. And was is really cool about this is that you can follow along while using the Media Composer software because the newest version has a 14 day trial period, a free demo.
Download the software and play with it. It really is a great platform. And you can capture via firewire with it, so you really can try it out. And read the article, so you don’t get lost.