It works!
I had started a project in FCP 7 that needed b-rolling, transitions and color correction, and I was getting frustrated with how slow FCP 7 is vs. FCP X. So I exported an XML, converted it in 7toX and imported it into FCP X within 15 minutes or so. Not too bad of time! Everything except Title 3D transferred over, which is pretty awesome. No problems otherwise.
heathm about
SendToX