Render manager Question;

I'm a little confused about the render manager, mainly because of some older FORUM threads making me a little skittish about dumping files.

As I understand it, "Can you not use the render manager to dump old project files - without losing the ability to come back to a project at a later date?"

"And do you just simply re-render that project when needed again?" I've read that capture media can go bye-bye, and the infamous RED OFFLINE MEDIA FLAGS start popping up. The FCP Manual seems to state you just re-render once again.

Opinions appreciated of course....

Jonny Cates