In an attempt to better notify and educate the user-base and potential purchasers of Final Cut Pro, Apple has now posted this FAQ. A small snippet of it is below, but I recall the below portion was something a lot of people were complaining about. Apple says it’s not possible to bring things over, but they did not have to get rid of effects, they just rebuild them, and build a name map so things could be imported. There’s no such thing as impossible when it comes to software, more likely this would have been time-consuming and cost them money. I had a similar issue between Aperture and Snow Leopard, the 1x version of Aperture was not compatible and I now mistakenly thought I had to purchase 2x to get my photos out. Never looked back after that. I later learned the photo vaults were in the application itself and you could browse it through finder.
Can I import projects from Final Cut Pro 7 into Final Cut Pro X?
Final Cut Pro X includes an all-new project architecture structured around a trackless timeline and connected clips. In addition, Final Cut Pro X features new and redesigned audio effects, video effects, and color grading tools. Because of these changes, there is no way to “translate” or bring in old projects without changing or losing data. But if you’re already working with Final Cut Pro 7, you can continue to do so after installing Final Cut Pro X, and Final Cut Pro 7 will work with Mac OS X Lion. You can also import your media files from previous versions into Final Cut Pro X.
Can I import my video directly into Final Cut Pro X as I could in Final Cut Pro 7?
Yes. Final Cut Pro X allows you to import video from a wide range of devices, including many AVCHD-based cameras and DSLR cameras. You can find a list of supported cameras here:http://help.apple.com/finalcutpro/cameras/en/. The list will grow as we continue to test and qualify new cameras.