Will old project files from fcp 5.1.4 work in fcp 7

Want to update to fcp 7, but have a bunch of old projects done in fcp 5.1.4 which might have to be recut in the future, will those old project files work ok in fcp 7, or alternatively, can I just leave 5.1.4 installed and install fcp 7? Having both versions on same computer feels like a SPOD in the making. Thanks.

You will be able to open your older FCP project in a newer version of FCP. When you do, you will be aked if you want to update the project. You will have to say yes in order to continue. Some projects upgrade well, other not so much. Once you upgrade you can not go back so make a backup copy of your 5.1.4 and put it away somewhere safe.

--ken