The new iMovie in iLife '08

I saw the prototype of this app last year while on a dive trip with the "video engineer" at Apple that Steve Jobs referred to in the announcement (signed a NDA). I was really excited about it back then, and am glad to see that it made a major product! I frequently whip up short videos using iMovie, and hope that the new version doesn't have a generic "H.264" project setting that automatically crappifies all incoming video from small compact still cameras. There is no way to get good video quality in the prior versions because the video gets transcoded so poorly on the way in.