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Though I no longer use the version7 anymore, here are some tips and important points to consider.
I use to have a small app - cheap for professional use if your studio upgrading...called7toX from Mac App store. Basically, It'll convert projects and media exports to FCP X workflow.
Note:
1) You must be able to open FCP7 prj in your FCP7 in order to then 'Export the final Timeline to .XML file'.
2) Your Media, Edits, transitions, and audio settings normally transfer as they should.
BUT
3)Effects, that include video adjustment such as Colour Corrections (CC) and any Clip Retiming, generally do not transfer as they are not baked into the clips. So, Keep that in mind and settings.
4)Use the7toX app to import the original .xml file from your FCP7 to Export as .xml file again checking the settings for latest FCP X>Hit save.
5)Finally, inside FCP X Import your newly created .XML file Bang! Vola! Your on the latest and greatest. Note: All files open as an 'Event', with the Project contained inside the Event as a 'Compound' clips.
I hope this helps anyone in the upgrade phase. If you have any problems or not sure of something feel free to ask. Send me email via my website: http://www.KamranFarooqui.me
When Apple released the latest Final Cut Pro X update there was a very important3rd party utility released right alongside the10.0.3 update that finally allowed the importing of legacy FCP7 projects into FCPX. It wasn't entirely surprising that it was Intelligent Assistance releasing 7toX for Final Cut Pro. I say that because they had already created Xto7 (to move projects from FCPX to FCP7) and are arguably the best company for creating high-quality XML workflow tools for the FCP universe.
Simplicity
Choose from three simple methods to translate Final Cut Pro7 XML to Final Cut Pro X XML:
7toX displays a progress bar during XML translation and, when completed, adds the new Event to the Event Library. The Event contains clips for each media file and Compound Clips for each sequence.
7toX supports both Final Cut Pro X and the Final Cut Pro X Trial.
I Hope I Have Answer your Question
7toX