Dual Versions of iLife

[muflyer]

I'm upgrading from iLife 02 to 06 and would like to keep the old version around until I'm confident some of the features I used before are not scrapped. I know you can move the old version out of the Applications folder and save it. However, do you do this by just creating an Alias in another folder, or what, and if so, does it immediately associate with all the projects. I also assume, but want to confirm that the old projects remain and are recognized by iLife 06. Does anyone know? I've read some great things about iLife 06, but is there anything that Apple dropped from previous versions?