Philip Hodgetts does a great job explaining the difficulty in taking a project started in FCP7 and moving it to FCPX using XML:

I was a little shocked to find people posting on Twitter and Facebook that they had tried to import Final Cut Pro 7 XML into Final Cut Pro X with the new “import XML”. That would be like opening a Word document and complaining that it didn’t translate from Spanish to English while opening the file.

By itself, XML tells you nothing. It is a generic term that tells you as much about the content as having a “Text” document tells you about the content.

I’m now really diving into FCPX (connected to an Xsan with FCPX v. 10.0.1) and it is a different animal in every way.  That being said, it would be nice if there was a tool to get the most basic of edit information from an FCP7 timeline into X.  I’m guessing a third party will step up on that.

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