Updating active projects - what happens?

This question bugs me but i dont have courage to test it out: what exactly happens when you update a older project you are working on to a fcpx 1.1 and up?

Will files be missing?

Thank you

Shouldn't be. When you update you get the option to save the orgininals which will protected you.

You would also need to keep a copy of the old version of the app and the OS.

Thank you Tom,

but if it is so risky, then i dont get the update-projects-and-events-thing. Why should someone update a finished project?

It makes sense with events. but with finished projects..

You really need to up the projects and events together. Domt know why you wouldn't want to update the projects. Going back to them, should you need to at a later time, would be very tricky