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Since I don't have iMovie '08, I can't comment on this update directly. Does this improve the functionality of the app relative to iMovie '06, or is it still lacking?
Ticking sound coming from a .pkg package? Don't let the .bom go off! Inspect it first with Pacifist. Macworld - five mice!
I noticed that in addition to the listed updates I can now select "Large" in the media browser export for projects using DV source. I was only able to select "Medium" before.