Can I open Cubase 7 files with Cubase Elements 7.06?

One interesting question is, what happen to the file when you open the file in Element, save it and reopen it in the full Cubase? I read somewhere that in ProTools, the higher versions “feature” settings are retained, but you can access them in the lower version, of cause. They are still there when the file is opened in the higher version though.

I’ve heard that in Cubase, these higher versions settings are wiped during the trip. Is this true?