I feel the same way as you.
However, Apple chose to throw the amazing program called iMovie HD out the window and put iMovie '08 in its place and see if anyone noticed the difference.
I did.
iMovie '08 is a piece of crap and I wouldn't ever recommend it. It has far fewer transitions. fewer titles. less precision. It's just really crappy. Oh, and one of the big features they advertise... "no waiting"... that's just a complete lie. I've had to wait for it to import files, apply transitions, export files, upload things to YouTube... all they've done is made it so when you do some of the tasks rather than display a progress bar and message telling you what it's doing it just slows down while you get to wonder why it's gone unresponsive... maybe some people will even restart their computers in their confusion assuming it must have crashed.
I'd recommend taking Apple's free "downgrade" to iMovie HD.
...
LOL
You're right! It doesn't accept .mov files! God it really is such a terrible program. "Scrubbing" and the direct upload to YouTube are the only useful features that got added... but they took away so many old features that were in iMovie HD...