After upgrading to Final Cut Pro 1.2.1 from version 1.0.1, Final Cut Pro will install new default Sequence Settings files. Immediately after you upgrade, however, the previously installed Sequence Settings files will continue to be used until you delete the Preferences file. Doing so and restarting Final Cut Pro will remove the previous settings used by 1.0.1 and instead use the new sequence settings installed by 1.2.1.