It does have a learning curve (mostly cause it takes a while to find out all of the cool things it does), but it knocks the socks of imovie. Great effects (not just the cheesy ones with imovie) like adjustable video speed, numerous wipes, and my favorite: Keyframing-being able to manipulate the position of the footage on screen.
Livetype is good, some of its lettering is really good, some is cheesy
Soundtrack is great. Very Intuitive (moreso than Garageband), easy to get work done (downside, only works with AIFF files, so you'll need to do some converting if your a Mp3/AAC fan like me)
I paid full price for it, a whole 300 bones, and I made the best football highlight tape my school has seen in years.
P.S. it is also very helpful for categorizing and organizing lots of footage, miles ahead of imovie