I just downloaded the update today and saw that one bullet point was "native support for AVCHD". I've been testing it out with some of my camcorder videos and it's finally the real deal. I'm not a video expert by any means, but it's very easy now to edit AVCHD. The import process does NOT require transcoding, and so it imports as fast as it can copy off the SD card (or disk image in my case). De-interlacing looks good, so my 1080i movies are played back in deinterlaced 1080p. Even realtime color correction and video/audio effects. I haven't given iMovie much attention due to the effort involved in dealing with AVCHD but now I'm impressed... not bad for a free app! Next I'll try exporting a finished video, right now I've just been playing with the imported videos. On a quad-core Mac Mini (2011) with the HD3000 GPU it's surprisingly responsive, very little frame drop when playing back the realtime effects previews.