Yes I have been troubleshooting for a part of today......
So basically you can bring the files in ONLY as EVENTS which is the mov clips.
I managed to get one event imported into the browser..... then it recognized the other project events within that master folder(hard drive). So I ended up with a full event browser.
But you cannot simply import the old projects right off the bat.....It didn't work for me.
When i went to import an Imovie hd project from the folder......none of the files are highlighted...so you can't touch them.