There has been a big stink (several actually) about Final Cut Pro X’s lack of ‘Pro’ features. One such glaring omission has been the lack of Final Cut Pro 7 XML imports. MacMagazine.br did some digging and found that the code for doing Final Cut Pro 7 imports is actually inside Final Cut Pro X and for some reason hadn’t been enabled for shipping.
As per usual, Apple will likely enable that functionality (and many others that are missing) in updates to Final Cut Pro X. If you are daring, MacMagazine offers a workaround that might be able to import now (they haven’t yet tested).