Why all the moaning???
Can't see what everyone is moaning about. iMovie 08 does what it says on the tin, and that is, it lets you create a little 5 minute video in no time at all. So there is no time line, and there are not as many this or not as much of that, but let's be honest, who cares? It's a fantastic program for creating little 5 minute or so videos in no time at all.
Seems I keep repeating the "little 5 minute video bit" well, that's because iMovie is for that, if you want to make huge impressive videos with loads of different effects and have to spend hours doing so, then go buy FCE or FCP (I will admit I've told my wife I want FCE for christmas

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But one of the best thing about iMovie 08 is the support for AVCHD, I plugged my Sony HDR-SR5 in to my MacBook Pro yesterday (after taking the 10 minutes to install iLife 08 with out a single issue, note to Vista users, can you do that with MS software???) and it just downloaded the videos and off I went, not big manuals to read, not clicking on help. IT JUST WORKED.
So to finish off, quit your moaning about iMovie 08, if you want to be the next Oscar winning film editor buy the big boys toys, if you want to make a movie of your friend falling on their arse while trying to show off, get iMovie 08