Relinking media

Whats the deal with the whole relink media is it working similar to FCP6-7 insofar as you have your media stored in a location and then your clips are referencing it. I know the new update allowed relinking but to what extent? My concern is in a few weeks time I will be collaborating with a few people on a project who all will have the same footage but will be working on the same project. Previously in FCP6 it wasn't a problem exchanging project files around and simply relinking to the media on your capture scratch. Is this working the same now in FCPX?

Thanks

In addition to linking databases, we can now specify links to individual clips inside the database. Read the user manual.