Firewire is faster, hands down. I can't speak to whether USB would be enough for iMovie, but I've never had any problems with Firewire (400 or 800), and I've had bandwidth issues while using USB 2.0 drives along with other USB devices. Shop around, I'd bet you can get a Firewire enclosure to put a HD in for not too much more than a USB enclosure. YMMV.