Project '{0}' was created using a previous version of the product. It must be converted to the new format used by this version. ...

Project '{0}' was created using a previous version of the product. It must be converted to the new format used by this version. After the project has been converted, it could no longer be used in previous versions. The original contents of the project will be copied to {1}  If the project is under source control, it will be checked out automatically during the conversion. Be sure that no files are exclusively checked out by other users and that files that are not under the source control can be written into.  Would you like to proceed with conversion?