The last 2 versions of iMovie have been iMovie HD and iMovie '08 and have both claimed to handle HD resolution video. However both did not do so or only used one field and output 960 x 540 video. I've been using FCP 5 to handle HD, plus it imports HDV without the need to transcode to AIC.
I am yet to see that this version is any different, but I hope so. The interface looks much improved, but there is no word that how it handles footage will be improved. If it does handle HD properly, I'll be ready to start using it.
On a separate note, I just realized today that Aperture allows geotagging. Right clicking on a picture from aniPhone (or from any other geotag enabled phone) brings a "show location on map" menu item. I had no idea this was here and thought the places feature of iPhoto was totally new. Sure the ability to sort is different, but I had no idea mapping was a feature of Aperture 2.
--HG