I am currently attacking the same problem. I am trying to go from FCP to Premiere. Failure is not an option. So far we have been trying to move the project using EDL (CMX3600). We have had minor success, but we are having several problems. Ken I am wondering if you have found a solution to your issue. I would like to possibly collaborate in finding a solution to this issue. I also read one thread on Adobe website that states that CS4 can read FCP XML. Please don’t quote me on that though since I don’t have CS4 I did not pursue. I am at the point where I may even author a translator.
We are using Premiere for our online and FCP for offline. Why you ask? Because we use Cineform Prospect 4k so we can preview our HD editing stuff without having to render the timeline. Cineform is available on Mac, however development tends to lag.