Yes! But what if you have hundreds of libraries? Again, not being able to view all proejcts... not seeing the value in that.
… now it gets academic, doesn't it?
What sense has it to 'view' hundreds of projects??
projects are represented by thumbnails - you can differ hundreds of projects by single posterfarmes??? Is a still-farme your only scheme - not date, name, folder, drive??
No idea, how you're organized, but with the help of grey-matter v.02 (=brain) you should be able to find your Christmas recording from 2012, the finals of Season IV, your Interview with Stephen Hawking WITHOUT usage of tiny stills...
Have you seen this http://www.youtube.com/watch?v=__wq1D9S-p0 Ripple Training YouTube discussion of the library model in 10.1? It's probably worth the 8 minutes. Mark Spencer and Steve Martin explain Apple's thinking and how to approach the new Library structure.
If you choose to purchase their training, there's a very good discussion of how to set up Libraries using various approaches depending on how you like to work. I have no financial interest in recommending their training. I'm just a satisfied customer.
If you've been using FCPX, the "Final Cut 10.1 In-Depth" is what you want. http://www.rippletraining.com/categories/apple-pro-apps-tutorials/final-cut-pro- x-tutorials/final-cut-pro-10-1-in-depth.html
I think it's $30 well spent.