Summary:
I recently upgraded to iLife 08 and while I enjoyed the enhanced garageband and iPhoto features (I'd give those an 8.5) I was VERY disappointed with the changes to imovie (that gets a 4). I found the stacked frames to be a distraction and I no longer have the ability to extract audio and manipulate the frames or use transitions to the same level as previously. I understand it was redesigned so dad could put a soccer video together quickly for grandma but for someone who was using all features to their fullest, its a real step backwards.

Pros:
You can now see all of your past videos in a library format. Basic steps are easy to understand and transferring your video to the web seems to be easier.

Cons:
Video and Audio manipulation has been greatly reduced and the transitions and effects have been reduced. You also don't have as many theme options as previously. Was someone on vacation when this was done