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iMovie compatibility is/was clearly a priority for them above all other options. The fact that FCP7, and older, doesn't even get a mention surely demonstrates to people who they are targeting?
By the way - up until the FAQ was posted (which - by the way - still isn't "advertised" on their site) - can you show me anywhere where it says that FCP 7 documents won't import? Right. I thought not. Yet they make a "splash" offering iMovie imports.
iMovie compatibility is/was clearly a priority for them above all other options. The fact that FCP7, and older, doesn't even get a mention surely demonstrates to people who they are targeting?