iMovie 08 is a disaster

I've been playing with the very recently released iLife 08. iPhoto 08 is nice and the event feature is useful. iMovie 08 proclaims "30 second video creation" but so far it is a complete bust:

1. It replaces iMovie 6 HD although it turns out that this is actually still installed.
2. It doesn't open iMovie 6 projects, rather it imports them.
3. It wants to use the internal drive for everything, which isn't a good idea when you're dealing with video especially HDV.
4. It choked on the HDV files I tried to pump into it from my external hard drive that I was editing in iMovie 6 HD.

Also, it doesn't work on all Macs. As a result, Apple have made iMovie 6 HD available for download on their website.