I am an experienced FCP editor and I recently took some classes on working with FCP files in Premier Pro for Mac (both CS3 and CS4). It actually works quite well; however, I cannot say the same is true for working with Premier Pro files in FCP.
I have forced myself to work in Premier Pro to take advantage of various Adobe options including, but not limited to exporting to BluRay. I really have nothing good to say about the product and have found it to be absolutely unreliable most of the time.
If it were me, I would do anything to avoid using Premier Pro files in FCP.
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