It -used- to be that Cubase imported settings from prior versions. I seem to recall that was causing issues during the dark days of SX3/SX4 and perhaps that's why it was stopped. I guess the way it's spun now is that this 'protects' the user from a bad install. Fine.
But we're now many years past that and going from 7.0 to .5 should allow one the -option- to import all settings.
I currently have over 600 plugs on my system. Having to reset the Plug-In info for them all is a pain... not to mention about 100 key commands, umpteen 'preferences', 20 colours, etc...
From what I've seen the file format between .0 and .5 is -not- that much different. But even if it -is-, there's no excuse for not having a decent import option from prior versions. Not in 2013.
The rest of the install system has gotten a LOT better from the old days. This last bit just seems out of place in a 'pro' app circa 2013. In fact, I can't think of another app I use that doesn't import from a previous version... even the 'open source' ones.
It's another not so subtle 'we don't care about backward compatibility' deals. All we care about is new, New, NEW!!!!!! Those old users may grouse a little, but forget 'em. This kind of 'polish' doesn't SELL!