I was just made aware of a “must-have” app for users of FCP7 who want to bring their projects to FCPX. It’s called to 7toX and gives FCPX users the backwards compatibility they should have had all along.
7toX for Final Cut Pro brings your Final Cut Pro 7 projects forward to Final Cut Pro X so you can use Apple’s powerful new professional editing tools to update or finish your older projects. The lightweight application is simple to use, with drag-and-drop support and progress information. 7toX translates important metadata from your Final Cut Pro 7 Project — including bins, clips and sequences — to a new Event in Final Cut Pro X (version 10.0.3) with the highest fidelity of any translation application for Final Cut Pro. In addition, the application provides clear, detailed reporting after every transfer.