“Let alone Apple’s claim that you could NOT import your FCP 7 projects into FCP X, but low and behold, within a couple months someone in the community put out a little $5 add on that allowed you to do just that.”
I think you might be mis-remembering. FCPX had and still has the ability to exchange FCPXML files. Intelligent Assistance was able to create a translation app to convert FCP7 XML to FCPXML. There never was and still isn’t any app or add-on that allows FCPX to import FCP7 project files, because the data is so fundamentally different. The XML -> FCPXML conversion is good, but not perfectly bullet-proof nor transparent.