Its a pretty basic tool. If you happen to have just the right type of media and timeline, you may get through the conversion with very little carnage. But I tried a project with a mix of 7 different formats. I put them all in the main storyline. No overlaps. No transitions. No effects. And once I got it into FCP 7, the in and out points were all over the place. Some clips simply reset to the beginning of the media, instead of the designated ins and outs Id set. Some clips appeared way down the time line after 18 minutes of blank. I used a mix of file- and tape-based formats: RED (transcoded to 422), GoPro, 5D, 7D, NTSC-DV, Stills, Music. I did this test because thats the type of media included in the documentary Im working on. I think for the time being, this tool wont work for me. I expect it to improve though. It seems like theyre constantly working on it.