Working with higher bit depths would definitely help with any compositing/colour correction or other manipulations of the original video. This is due to the rounding errors in the math. With low bit depths, you throw away a lot of precision anytime you do any calculations with the data. If you don't alter the video footage, then no, you won't see any difference between an 8-bit video file and a 10-bit that was converted from 8-bit.
In the audio world, the same thing applies. Let's say you record both a 16 bit track and 24 bit track into Logic Pro. They will both be processed (equalizers, compressors, reverbs, mixing, etc) at 32 or 64 bit. While the original sound of the 24 bit track will start with more precision than the 16 bit track, whatever further work is done to them afterwards will be of equal precision, as they're both processed at the same bit depth. The reverbs will be of equal quality, as an example.
So, for video, if you were keying, converting an 8-bit video to 10-bit won't make your key any better, because you're relying on the precision of the data you already have. However, if you were compositing smoke over a background shot, the composite math would be more precise (detailed?) at 10-bit than 8-bit, as you're actually generating new data. It would also be better for colour correction, as even though you're starting off with less data, the computer can create interpolated data to work with, let's say for mattes and selections. That wasn't super clear. Sorry.
So, the question here is, how does FCPX process different bit depth video files? If you have your project setting as regular ProRes, but are using original 8-bit camera files without optimizing, will FCPX do the calculations exactly the same as if you WERE editing from ProRes? My thoughts would be yes, it processes everything (effects, alphas, colour correction) in 10-bit from the get-go. In which case, it doesn't matter, other than whether your processor can handle it, whether you optimize or not. It's still better to initially RECORD in 10-bit, but once the 8-bit damage is done, might as well stay with 8-bit files until final output, while letting FCPX do it's processing in 10-bit. Hopefully FCPX doesn't stay 8-bit through any of the processing, converting to 10-bit later on.
Anyone have the definitive answer?