I'm considering upgrading to FCP Studio 2 (from FCP 5 Studio 1). Though I would be opening a copy of my original project, are there any concerns to be aware of? It also means having to upgrade Quicktime from 7.4.5 to 7.5.5.
Depends how complex the project is. If it's a 2 hour feature with footage spread across 7 hard drives you've been editing for 10 months straight- not a good idea. If it's a little something you've been working on for a couple of weeks on a drive or two- go for it.
You might also consider backing up your whole system drive first, just in case. Don't use Time Machine but try this instead:
Re Quicktime to 7.5.5, I'm just refering to Apple's requirements for the upgrade. It is a full feature (about an hour and half that's now on one drive, but started on another ). I'm actually at the end of the film, doing post, but the extra options with the upgrade, ie for colour correction, Color, Compressor 3...look really good at this stage. Having Super Duper as back up, would you do it?
If your at the end of your film, You might want to export a final movie version as a backup as well. you can always re-import the final edit to continue color correction.
Generally things should be pretty straight forward. Once you open a project in a newer version of FCP, and you save it, Keep in mind an older versions of FCP will no longer be able to open that project file. So keep on copy the last version you worked on for the older software. So in the worst case, the upgrade doesn't work and you have to reinstall the old software, you still have your EDL. Same to all versions of the software you may have used for the edit.
Thanks for all of this advice, everyone. I'm also looking to upgrade very soon and am 3/4 through an hour long documentary and have been nervous about making the change. RyanBelleCine's advice makes me feel better about saving the integrity of the project.