There's a $10 app called 7toX [app store link] that claims to convert Final Cut Pro 7's project files to Final Cut Pro X.
"7toX for Final Cut Pro brings your Final Cut Pro 7 projects forward to Final Cut Pro X so you can use Apple’s powerful new professional editing tools to update or finish your older projects. The lightweight application is simple to use, with drag-and-drop support and progress information. 7toX translates important metadata from your Final Cut Pro 7 Project — including bins, clips and sequences — to a new Event in Final Cut Pro X with the highest fidelity of any translation application for Final Cut Pro. In addition, the application provides clear, detailed reporting after every transfer. "
I haven't had much time to play with it but I'll be looking into it more this week and beyond to see how it fares. I wonder why Apple didn't release an app like this or build something like this into FCPX, even as a "beta" feature.
Had Apple integrated this (as a big red flag warning-ized "beta" feature) and waited until Photoshop Layer import, broadcast monitoring and Multicam editing were ready I believe the adoption rate for FCPX would have been MUCH higher and the bad press would have been MUCH lower. Heck, they may have even had Mac Towers still on display in all of their stores. (meaning, today some Apple stores don't have Mac Towers on display anymore...I know!)