Importing final cut pro 7 to final cut X using XML

OK so I just read Apple's new FAQ and it says support for XML is forthcoming. Couldn't someone enterprising individual   just write an app which transforms FCXML from FCP 7 to FCP X XML. There could be some data loss, but better than nothing..

the black sun wrote:
But they have said they will not be supporting import of FCP 7 projects. Sad but true.
Factually incorrect. Sad but true.
Tell me what is factually incorrect? There is absolutely no mention or commitment to providing any sort of tool to bring in final cut pro 7 projects in any shape or form. They could have said "a limited import tool is being worked on, but will only support a limited feature set, and data loss/changes to your project may occur." But they didn't. Here's the exact quote from Apple's FAQ (emphasis added):
Can I import projects from Final Cut Pro 7 into Final Cut Pro X?
Final Cut Pro X includes an all-new project architecture structured around a trackless timeline and connected clips. In addition, Final Cut Pro X features new and redesigned audio effects, video effects, and color grading tools. Because of these changes, there is no way to “translate” or bring in old projects without changing or losing data. But if you’re already working with Final Cut Pro 7, you can continue to do so after installing Final Cut Pro X, and Final Cut Pro 7 will work with Mac OS X Lion. You can also import your media files from previous versions into Final Cut Pro X.

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