I have a very similar experience: my macbook pro burned down, peopoe said you cannot run FCP 7 on lion and snow leopard would not support FCP 7, and reading the generic forums, looked like I could not continue my usual work using FCP X.
Spent a week reading about Avid and Premiere, finally downloaded trial for FCPX.
I took one of my OLD projects from P2 folders bare bones. Yes, it all opened ok, and in a couple of hours i was playing round with it pretty ok.
Yes, everything is in different places, but so what.
I was most frightened about clip management based on events and keywords (i used to color them with different colors and put in subfolders, to have an owerall control of my story). Just replaced folders with keywords, and it is even faster now, as I dont need duplicate clips. Used clips I mark favorites, to know where i go..
I often superimpose moving stills on top of video track, keyframing now is faster and more transparent.
Maybe, a lot of my income comes from edit, but i dont edit for living, so I cannot comment situation of somebody who has ultra fast finger reflexes bound to the central nervous system during the past 10 years. In that kind of situation it would be better not to change the program ever.
But, for me only what matters is that I get the job done, and now even better, as keyframing is so easy that i can do more of it....
In short, I was seriously disturbed of all the scary comments, and the reality turned out to be very different.