Going from FCP 7 to FCP X...
I've decided to jump to FCP X. I found this app that can convert FCP 7 XML file so that FCP X can read them.
It's $10 USD in the app store.
http://assistedediting.intelligentassistance.com/7toX/about.html
Until I learn more about FCP X, I can do my edits, added audio and texts (and want-nots) in FCP 7. Export the XML file and import the edited files into FCP X to finish up. (FCP X has a better color corrector compared to FCP 7.)
Here's a video about how to use the app...
http://youtu.be/sk4eTu5nEWc?t=19m30s
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iMac, OS X Mavericks (10.9), 27" 3.4GHz Quad-Core i7-SSD-2 GB HD