Media Edit 3
Hi, I share your views about iMovie 11. It does have some useful features like image stabilization and - thank goodness - they have brought the timeline back.
The main problem though, is that they have overdesigned the automation. So long as you go with the flow, and do things Apple's way that's OK. But Apple's way quickly exposes the limitations of the program. The handling of sound is a clear example. It is far too complicated and inflexible. Synching sound for cutaways in iMovie HD was very simple - it is very hard in iMovie 11. It's not that you can't do it, just that it requires many more steps.
For my money the best consumer Mac movie program by far - though it is sorely in need of further development work - is Media Edit 3. It does the movie editing basics and has a wonderful, multi-layered, multi-media timeline that is highly intuitive. And cutaways are really, really, easy. Adding titles is far simpler than in any of the iMovie versions.
At present I use iMovie 11 to stablise my clips and produce a rough timeline edit, export them in high quality and finish the job in Media Edit. I always mix the sound in ProTools though, for a more professional result.
I can reimport the sound from ProTools into MediaEdit and put it exactly where I want it, rather than where iMovie thinks it should go.
I wish there was a simple and intuitive programme that did sound well but at the consumer level, there doesn't seem to be one - or none that satisfies me, anyway.