1 FCPX project referencing events on multiple volumes -10.1

I've been reading up on how FCPX 10.1 deals with updating projects and events into libraries. I've got a couple questions I'm unsure about. I watched the ripple training videos on updating and read through the manual on media management that was updated.

I have lot's of projects that pull video from multiple events on the same volume, as well as a few events on different volumes.

Here is what the manual says:

If you have projects and events that link to event media on another volume,
Final Cut Pro creates a Final Cut External Media folder for that media. After updating, you can use the Consolidate command to copy the linked media to the same volume as the linking event.

So what I'm wondering is, will FCPX 10.1 do away with this? Basically I had an event on the computer for general broll I'm always pulling clips from with sym links to a network drive. I then have a production I'm working on with 20-30 projects and 15 or so events on a 3TB external drive. From what I'm gathering, it will create a library on the external drive with all the Events brought in as expected. The projects will all go into a new event as well that I can move around if needed.

If I consolidate, what does it consolidate into when my project is referencing multiple events? Will I still be able to add clips from different libraries into a project? What does it do with the media? Thanks

You can't use media from multiple libraries. The media, or the symlink, has to be in the same library.

So is there an easy way to go about adding it to the current library or do you physically have to import the file by location? I wish it would just bring the file in from the other event and let you choose whether to copy or create a symlink. This will shake up my workflow if that is the case.

Can't check it at the moment but my recollections is that when you copy from one library to another you get the option on how you want to copy it.

Say you open Project 1, in Event 1, from Library 1, which is on drive 1.
You go to get a clip from Event 2, which is in Library 2, on drive 2.
Drop it into your Project Timeline, and FCP X will warn you that it will copy the clip into Library 1, that Project 1 is inside of.

A Library is an independent universe, that does not talk to other Libraries at all. Thus, to edit with media from one Library, into a timeline in another, FCP X will copy that clip over for you, and let you know what is happening.

When this copy happens:
1- External media, that is a link in the Event, is simply copied as a link.
2- Managed media, that the original physically lives in the Event, is copied over as the whole original file.