Can Elements 7 read CS4 file formats ?

Question

If CS4 has been used to capture HD and develop in-progress sequences (with basic video and audio transitions) and thus Premiere Pro project files *.prproj can they be imported/read by Elements 7 for further work (e.g. on another computer by someone else)?
For basic video editing tasks, if CS4 formats can be imported/read in Elements 7 are there any specific aspects that may get lost or cause issues (and what are these)?
And can I assume that the reverse, importing/reading Elements 7 file formats in CS4 is possible and fully transferable.
Windows XP SP3
2GB RAM

Answer 1

Unfortunately, my tests between PrP and PrE were for earlier version:
PrP2 & PrE4.
What I found was that PrP2 could Open PrE4 Projects, with only a few glitches. PrE4 yielded an error, "This Project was Done in PrP2. Use That Program to Open This File."
These were simple Projects, with only a few Titles, Transitions and very limited Effects. There were no Themes, etc. used.
In PrP2, there were a few things that did not translate from PrE4. One Tilte had animation and text on a Path. These did not come in.
The PrP2 Project was even less involved, but nothing would Import.
As Steve says, the Assets will translate well between the two NLE's, but editing work will possibly be limited in one direction, but nothing will Import in the other.
Good luck,
Hunt