Ben - is ATMonitor working on your system? For me one of the last Lion updates seemed to have broken it and the GPU is always at 0%, even while using Motion (which I know uses the GPU).
Randy - you are going to get the best performance from FCP X when you perform a foreground export, which will utilize the GPU for export, i.e. this:
In that example I put 48 minutes of 1080p h264 footage on a timeline, applied color correction to all and was exporting as ProRes LT. As you can see it is about 1x actual time.
When you render the timeline (background or by choosing Modify > Render All) it only use the CPU and will typically be much slower. Here is some more info from me back in November:
fcp.co/forum/4-final-cut-pro-x-fcpx/2175...ally-render-in-fcp-x