There are two new menus in Apple Final Cut Pro 12, plus a new keyboard shortcut.

If you look immediately under the Final Cut Pro menu, you’ll see two new icons: a plus-in-a-circle and a downward-pointing arrow.

The plus-in-a-circle is a fast way to create a new project, event, or library.
NOTE: This menu also displays the “Create New Library” shortcut: Control + N

The downward-pointing arrow is another way to import media or access the Image Playground.
While we can access all of these, except for Image Playground, using keyboard shortcuts or the file menu, these two new menus are faster and easier to find.