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When I first started FCP 4.5 after upgrading I was surprised to notice that the project I was working on had been replaced by a blank project. I opened the project document and it started to go through the normal routine of loading all the video and preparing it for display, but then it hung at 48%, and then 10 minutes later appeared to finish and hung on the 'preparing video for display' window for about 20 minutes. I restarted and tried it again with the exact same result. Is this a problem with the update? Anyone ever had this issue?
Had issues like this before, sometimes projects just don't open properly. Try your autosave vault, or go through the obvious, restart, fix permissions etc...