Using XtoCC, you can open your.fcpxml file and resave it as a.xmp file. Then you simply follow the same steps as above to import into Premiere Pro CC. The first thing to note is that Final Cut Pro 7 will export a standard.xml file that Premiere Pro CC can access. Project X₂7 (also called XtoCC) translates Final Cut Pro X Library XML (fcpxml) and converts it for import into Adobe's Creative Cloud apps - Premiere Pro, Audition & After Effects - or other compatible applications. (If you need translation the other way — from Premiere Pro CC to Final Cut Pro X — there's an app for that too!).
Xtocc For Mac
Automatic Duck announced today a plugin for After Effects users to quickly take a project from Final Cut Pro X to After Effects. There is a 14 day free trial and you can keep it for $199. Visit their site at http://www.redgiant.com/products/automatic-duck-ximport-ae/
Personally, I use Motion for all of my graphics, but I know a lot of you love After Effects.
Alternatively, for $49 you can use XtoCC (formerly Xto7) from Intelligent Assistance to do pretty much the same thing- along with going to Premiere and Audition.
Xtocc
Lastly, let's not forget about Clip Exporter ($109 in the App Store)
Xtocc Serial Number
Feel free to leave in the comments what you prefer and why.