Recommended changes to existing projects with v8.0?

With the introduction of Project Hierachies in v8.0 all my existing projects are now subprojects of <Root project>.

I accept that I should probably be able to just "do nothing", but:

1. it looks untidy, and
2. I'm not sure if my templates are still shared across projects (Are they?)

I'd like to rearrange my projects to look like this:

<Root project>

Products

• ProductA
• ProductB
• ProductC

Libraries

• Library1
• Library2
• Library3

This way, I'm assuming that if my templates are stored at the Products level, they can be shared among all the products (and similarly for Libraries).

How do I restructure my projects to reach this stage? Is it just a matter of using Move Project to shift projects under the appropriate parent?

Has anyone done this, and did you encounter any dramas?