I wrote this email to Larry Jordan, author of the famous + awesome training website for video editors. I was wondering how the new Library structure in FCPX 10.1 would hobble the economical archivist in me. Since I end up doing some explaining and pontificating, and his answer is very useful, I figure I should share it here.
It's a big relief to know I can keep archiving projects in a way close to what I've been doing all along: minimizing the amount I need to backup, to the safest medium, with surest results and minimal work.
Libraries are noob-proof, but they are not power-user-proof. That's good.
I love your website and I've found it helpful as I finally switch over to FCPX.
One thing I will miss from FCP7 and my 2 years on Premiere is the ease of permanent archives.