Final Cut Pro 5.1 project files backwards compatibility

I have just installed Final Cut Studio HD (universal) onto my new Macbook Pro 2ghz. I also run an iMac G5 2ghz which has been my main editing platform for the last year or so.
I decided to port some of my current projects over onto my MacBook Pro and when opening them in FCP 5.1 I am greeted with a prompt asking me to change the project file format and that I should do a "save as" once the project has been converted for use in 5.1.
This is slightly scary, mainly becasue projects now created on my MacBook Pro cannot seemingly be copied over and worked with on my iMac G5 the warning "File's format is too new for this version of the application" is displayed and allows me to go no further. I am assuming there may be some work around for this, but just wanted to warn anyone who was upgrading that this may disrupt workflow between FCP 5.1 and older versions of FCP systems. If you work on one system this is clearly not an issue.
Has anyone else encountered this issue and have they found a workaround?
Wrighty
MacBook Pro 2ghz + iMac G5 2ghz   Mac OS X (10.4.5)  

I would assume that Exporting to XML in 5.1 would produce an XML file that would Import fine into the Browser of a new project in a 5.0.4 system.
What I would do is duplicate the FCP 5.0.4 project files and open the duplicates in 5.1. That way, you still have project files that will open in FCP 5.0.4.
Because of some of the 'issue' fixes in 5.1, there might be some problems taking an XML list back into 5.0.4. But we'll only know that as we start seeing user reports.

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