Wow, you whining little brats just don't read do you!? Again as previously stated by Nagromme, THESE THINGS WERE NOT TAKEN OUT!!!! There was a HUGE misconception by most of the press, but they were wrong. Here is a partial list of what people assumed was taken out of iMovie 08, but it is ALL STILL THERE!!!
Ken Burns effect
Video color correction tools
Transition effects
Overlaying multiple audio tracks (background music, sound effects, narration, and multiple layers of these that start and end independently of the video clips)
Audio volume changes on the fly (that's now automatic, via normalization and ducking rather than manual control, but it is there).
Visible timeline. iMovie 08 view wraps the timeline like a paragraph and snaps the bars to the visible thumbnails, but it IS still a timeline in essence, where longer clips look visibly longer, right down to stacking audio tracks with visible in and out points. (It even color-codes different audio tracks for music, effects, or narration.)
Scrubbable playhead. (It's there and lets you preview easier than ever.)
Themes. (Themes in the old sense are gone, but the new titling options incorporate similar imagery.)
Storage of clips on external hard disks. (They simply won't play until you plug in the drive)
Ability to use clips from another project.
Now, let's see how long it takes for one of you complainers to post "but why did they take away multiple audio tracks" again! 🙄