I was surprised by that when I went to open a previous project. It opened in iMovieHD. I had to import it to the new iMovie '08 where it had to be processed taking over an hour to convert

I can see where the new version of iMovie has its place, but I am disappointed that they limited it so much. I feel as I am forced to buy Final Cut Express. Sure, I could stick with the old iMovie, but I didn't buy the new iLife suite to do that.