Is there a difference between consolidate library and consolidate event files?
Also, when copying between libraries I notice the original media is not copied to the new location when the media is stored in an external folder. This is when I use the copy to library from the file menu or dragging clips from one event in on library to another event in another library. Both the libraries and storage location are on the same disk. I assume this has something to do with external media is not managed and libraries are independent of each other. Is there something I am missing here?
I assume the same guidelines apply when moving between libraries.
P.S. I do store the library on my local drive and external drive with media outside of the library.
If your media is external to the library, the physical media won't move on a "copy", but only the instance of the clip between the libraries in FCPX will copy.
Consolidating will move a copy of the physical media to the destination setup in the incoming library.
Consolidating event vs library is just as it seems, if you choose the event, only that event's media is consolidated. Consolidating the library will consolidate the entire library.
In FCP X parlance, copy and consolidate can share functions on what happens to the media both inside and outside the library, but they can also be mutually exclusive depending on where your media is located.