For those of you who have legacy Final Cut Pro 7 projects this looks great. I am using Final Cut Pro X more recently because of the 1.03 update.
If you missed Philip Hodgetts on 7toX for FCP at our Feb. 16th BOSCPUG, LAFCPUG just posted their Feb. mtg. featuring Philip on 7toX. Philip Hodgetts demonstrates to The L.A. Final Cut Pro User Group at the February 2012 meeting Intelligent Assistance's new program for moving Final Cut Pro 7 projects to Final Cut Pro X Projects.