I am working on a project for school using iMovie and After Effects. Will my iMovie 5 project be compatable if I were to upgrade to 6 which MIGHT come out this tuesday? Or will it only work with 5?
Apple are usually pretty good about forward compatibility. I'd expect an older project to load fine into a new iMovie version, but wouldn't expect it to be easy to go back.
It should be okay. Like the previous poster said, You can usually go up but not down a version. However, I would recommend finishing your project before upgrading as that can potentially cause serious problems. Make sure you back it up before you try to convert it over if you don't wait.