At last, there's a new version of iLife. It's got all new, enhanced versions of the major apps. They're pretty fancy-looking, and they've got a whole bag of new tricks, like automagic movie trailers.
The goal is for "mere mortals" to be able to do advanced video-editing. And it comes pretty close to that, with a bevy of new tricks that make it the most enhanced new iLife app. You can edit audio more in depth, in a way that that makes it closer to Final Cut in terms of how precise you can get with clip editing. Using detailed audio waveforms overlayed on top of clips, which have built-in adjustment controls, you can adjust things like audio volume and very easily and precisely on each clip. You can also add voiceovers.
Using what Apple calls "one-step effects" you can instantly create special effects. Like, hah, instant replay, or flash and hold (a reverse Ken Burns effect). Or you can create an entire trailer automatically, with the new movie trailers feature, which is pretty amazing. You define info, like the "actors" in the clip and outline the trailer using a storyboard, then iMovie applies one of a dozen or so templates to create a legit, high-quality trailer, complete with dynamic cutting effects and even a studio logo.
iPhoto has mostly aesthetic enhancements. The interface is more iOS and web-influenced. New fullscreen modes all over the app give you a more in-depth experience. You can create new, enhanced slideshows, like one that incorporates location, zooming over where photos were taken, and a schmancy 3D snow slideshow. You can easily email photos from the app itself, using a very iPad-like interface.
You can make your band sound less sucky using two features: Groove Matching, which makes your crappy, out-of-sync band sound better more in rhythm, and Flex-Time, which lets you fixing timing in songs in a detailed way.
You can also track your performance with the new built-in guitar and piano lessons over time, using "How Do I Play?"