that sounds rather disappointing. it obviously spells out that their only direction is trying to dumb the app down.
imovie 06 was to me amazing at its time and with plugin support could be so much more than just a little video editor (perhaps they felt it threatened the final cut section somewhat).
but to make two drastic changes in a single app in just a few years and disregard and rile up its userbase i find appalling. then again i guess the pros could almost argue the same thing.
Of course, this is just my first impression. I may be missing out on all the new improvements that the Imovie team has bestowed upon us. If my experience is indicative of the norm, everyone should be able to download the imovie update for free while the old imovie lives on happily next door to it in the app folder.
My library, 7 years of home and work videos, seems to be unaffected as I can access them from both apps.
The glaring sore thumb (well, the first one) is the Event Library. On iMovie 9.0.4, the raw events are divided into years, and all the events in each year's "folder" are organized in chronological order. I'm not sure if that is a user-changeable arrangement, but it seems intuitive and logical to me. The new iMovie library is one big folder AFAIK, and the individual events are arranged alphabetically, according to the name that the user gives to the video. There is no date showing in the library, and no apparent way to sort by date. For me, that makes the file organization too difficult.
There are other issues as well, but again, that might just be me - check them all out for yourself...