With the latest update to Final Cut Pro X (10.0.3), you can now import your Final Cut Pro 7 projects into FCP X.
There’s a company called Intelligent Assistance that makes an application for converting your old Final Cut Pro 7 projects to Final Cut Pro X projects. Don’t worry, for those of you who want to go the other way…. meaning FCP X to FCP 7, they have an app for that as well.
You can purchase the application through the Mac App store. It’s only $10.00!
So, I did a basic test converting a project with some cross dissolves and an audio track from Final Cut Pro 7 into Final Cut Pro X, and it worked flawlessly!