I did a quick & simple test the other day and it seemed to go fine. Two clips on track 1, a single clip on track 2 that covered the track 1 cut point, exported an XML out of FCP, imported the XML into PP, saved it and imported it into AE. Then I rendered the AE sequence and imported the render into FCP and placed it on track 3 of the original sequence to check it. The render matched the original sequence.
Dan