Even though they're still calling it "iMovie," Steve promises it's a "a whole new app" with the goal of making a "great movie in 30 minutes." You can scroll through your video library just like photos. It'll take video from from "any source": HDV, AVCHD, etc. Surprise, you can skim to preview, and can do it "faster than real time" and "select video like you select text." You can make a version for iTunes that you can watch "on computer, iPod, iPhone, AppleTV" or you can put it in .Mac Web Gallery.