Well - at this moment I use P5 for simple MIDI pattern and loop editing. In most cases exporting MIDI and importing it in X1 works fine. I just use P5 as a kind of "place-holder" for a base pattern and the variations on it. After creating the variations I start "cherry-picking" the best parts and use them in X1. If I use a soft-synth and get a sound that is not easy reproducible (lot of tweaking on the synth and plug-ins), I use the audio in stead of MIDI.
As you can see I am using P5 really serious for just a short wile (before that I only played around with the demo), so I am not using it's full potential yet. I am not sure if there is a easier way to do the above, but that's fully possible.
I going to use this weekend figuring out how rewiring P5 - X1 works, and if this is of any use. I have no experience with rewiring yet, so I am not sure if this is useful, but I think it is time for some experimenting...