WRONG. Many of this professional video editor's videos are done with iMovie:
http://www.youtube.com/mattsmacintosh
And it's the right price (free with Mac). If you want to do things iMovie doesn't offer, buy FCP7 or FCP X.
I'm not sure how your link disproves his point. iMovie is limited. That's a fact. The videos on that page (at least the few I checked out) are just simple cuts.
I think you over exaggerate how hard editing really is.
I never claimed it was hard. You can analyze almost anything at its basic core level and it would sound simple. But there's much more depth to it, not only on the technical level but on the artistic side as well. The limitations in iMovie stunt that development.
It's a great tool and it provides opportunity for people to create video where only expensive options existed before. I can look back at high profile broadcast projects I've done before and reasonably say that iMovie could have gotten the job done. I can also look at some lower end stuff where it would have created roadblocks. Simply put, iMovie is limiting.
Again, I never said iMovie couldn't get the job done. But it's simply not practical in most "professional" environments.