Here are the answers to some frequently asked questions about Final Cut Pro X.
Q: Does it overwrite Final Cut Pro 7?
A: No. All of the Final Cut Studio applications are moved to a Final Cut Studio folder in your Applications directory.
Q: Is there Motion and audio content like in previous versions?
A: Yes, but it is not installed by default. You need to launch Final Cut Pro X and go to Final Cut Pro > Download Additional Content.
Even if you don't need the content, I recommend doing this so that you have access to Final Cut Pro X's codecs.
Q: Can I open old Final Cut Pro projects in FCPX?
Q: Can I use my old Final Cut Pro 7 plugins in Final Cut Pro X?