Whip Pan is a classic transition also known as a Swish Pan. This is an ultra simple transition effect. The only parameter is the option to reverse the direction of the pan. The recommended length you should provide for this transition is approximately 1 second (give or take) but feel free to use it for longer or shorter lengths.
There are plenty of sound effects available in the FCPX sound library. Sounds used in this video:
Air Reverse Burst 1
Shield Door 03
Steam FX 01
Title Airy 01
Title Flange Down
Title Digital Whoosh
(the shorter sound fx were retimed longer).
If you need help installing: http://fcpxtemplates.com/install4fcpx/latest.htm