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Here's some good things about it:

 * It **imports HD footage** from my Canon Vixia's SD card wonderfully, and I assume it works as well with many other new HD cameras, the problem with many being: it can be difficult to get the footage into the computer to edit! So I give iMovie that first and foremost.
 * Once you get the hang of the interface and working method, **it isn't hard to use.**
 * It make some **nice quality video**
 * It **exports to YouTube** or iDVD like butta'. This is called "Sharing" in nice Mac-speak.
 * It does **green screen** now!

Lest you think I am Mac-gaga, think again. I think Macs have a host of advantages, but they crash and burn just like any PC box. In the realm of video editing, though, they really tend to work more smoothly. iMovie only comes on the Mac. If you want a good inexpensive editor for the PC, I recommend Sony Vegas Movie Studio Platinum (under $80) //(Well, look at that, they have a cheaper version now, too - don't know about that one, yet:)//, which is an incredibly flexible and well-featured program. Though not as easy as iMovie, it's more powerful tenfold.