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Thanks I don't know why they have to make things this confusing. Does upgrading a project alter or convert the video assets?
 
This is funny, because I discovered a chunk of disk space gone (250gb), in the form of my time machine disk. Found the new iMovie 10 file, and, well, I nuked it. I'll probably continue to use iMovie 9 as I like it better for now. Maybe some 'new' projects will go under 10, but no need to touch/edit old stuff. They should put in their prompt dialog that it will DOUBLE the current space used by iMovie events (or even say, I'm gonna use up another 250GB of disk space, is this ok?).
 
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