Why you need to be patient when updating to Adobe Premiere Pro 2017.1

After finally updading the Adobe App Manager, I updated Premiere - now at v. 2017.1

It's all good for me, old projects (v. 2017) need to be converted and saved for the new version:

I still have this "Audio Filter Obsolete" recurrent message from previous PP version as I started this particular project with PP 2015, but the EQ still works, so I won't bother with it at this point:

It took several minutes to load all the media for this project, (approximately 5000 items, mix of video, sound, still images, and graphics; 250GB worth.) Premiere displays progression stats at the bottom of the screen. Until all media is loaded, you might experience the "Media Offline" on-screen message, so be patient.