iMovie '08 is growing on me for short small projects. The new editing features are very cool.
But, the griping was due to the complete removal of some important features. Examples include detailed audio control, extracting audio, visual effects, third party plugins, themes, and iDVD integration.
We've heard the "you still have iMovie HD" argument. I can't believe people try to use this argument, I guess we never need to update any software ever again, right?
iMovie power users (like me) have a right to be annoyed. You expect new features and performance improvements to old features in a new release.
Apple could have avoided much of these issues by just renaming the new app to iVideo or something.
What they did is similar to giving you TextEdit and calling it Pages '08. "Look, you can write a letter in like 30 seconds!"