Steve Jobs announced an updated version of the video editing application iMovie to go along with iLife '08. Calling it "a completely new way of editing video," the Apple CEO called it "startlingly better." Jobs says it's designed to be able to put together a movie in 30 minutes. It has a completely new user interface, too.
It first shows up with a new star icon. It holds all of your video applications in one library, working very much like iPhoto. It now supports the newest HD camcorders that use the AVCHD codec, as well as HDV and DV cams. It offers easier scrubbing of clips, as well as as one-click sharing to YouTube. iMovie is included as part of the iLife '08 package, selling for $79 or included free with each new Mac.