As a FCE user, I have been envious of FCP's SmoothCam feature for awhile now. To me, one of the most compelling additions on iMovie '09 is Video Stabilization feature, which I assume to be stripped down but still effective implementation of SmoothCam (at least according to video demos). (It seems natural to assume that next major update to FCE will gain a similar feature.) Hopefully, FCE 4 will still be able to import from iMovie '09 (possibly with some patch, ala 4.0.2). I would love to be able to stabilize shaky footage (using iMovie '09), then import it back to FCE.