Projects need to be updated..what does that mean?

So I have a folder of like 50 FCP7 project files and when I open FCPX it says older projects must be updated and cannot be reopened in FCPX. Does that mean if I hit yes it will automatically update all 50 old project files and if I don't like FCPX I am screwed?

FCP X won't modify FCP7 project files. In fact it won't even open them directly. If you want to try opening them check this out.
You must have at least one FCP X project from a previous version of FCP X that FCP X sees and wants to update. That is what will get updated, not your FCP 7 projects.

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