After upgrading to OS X Mavericks and updating to the new iMovie I noticed that I lost a ton of HD space... Did some researching and basically follow these two steps and you'll be good as new:
http://support.apple.com/kb/HT6012
http://support.apple.com/kb/HT5917
http://support.apple.com/kb/HT6012
http://support.apple.com/kb/HT5917