I´ve got a question when saving Images. I can relocated masters, and when I´m doing it I can create naming presets. Like folder/Project and so on. So here´s my question: Aperture only takes the foldername of the first folder in the hierarchy. Subfolder doens´t appears. When my pics are in (Bluefolder)Party/(Bluefolder)X-mas/(Project)2005 Aperture could only saves it this way (Folder)Party/(Folder)2005. Did I something wrong?

You didn't do anything wrong -- that's all there is. While the folder naming preset features of Aperture are flexible, they are also limited.

Folder naming presets are used by Aperture to create folder hierarchies for exported or relocated files. To access the folder naming presets go to File > Export > Export Versions and pick Edit... from the Subfolder Format popup:

Here is what you have to work with:

The buttons can be dragged up to the format line, and the format line can be edited and have words added. Each time a forward slash / is added another folder level will be created. The limitation with the scheme as currently implemented (Aperture 1.5.1) is that Folder Name refers to only the highest level blue folder that the image is located in.

So in this example hierarchy exporting an image from the Crops smart album will result in a Folder Name that is called Blog. Not Coyote, not Tree Cutting:

Using the Folder folder file setting defined above, a version called freddy.jpg will get saved as Blog/Blog/freddy.jpg. Not so helpful. If you want to use multiple levels then you have to use different criteria, such as Year/Folder/Project Name.

But don't forget that you can enter you own names too, so it is possible to create hierarchies like Clients/Atlanta/Year/Folder Name/Project Name where Clients and Atlanta are your own names. This could be saved under the a preset called Atlanta Clients by Year and Project.