With the tumultuous initial release of Final Cut Pro X, Apple completely changed the way that FCP manages the media and project settings and where it stores the media files, back up files, transcodes etc… Larry Jordan has a simple introduction to understanding the media management that is happening under the hood.
Manage FCP X Projects and Events
As part of Larry’s article he recommends using Event Manager X from Intelligent Assistance, a $5 app, that makes keeping track of what projects are open and available in FCP X at any one time. As useful as these 3rd party developer apps are, I for one hope that they will become incorporated into the official releases from Apple.