iLife '09

Pros: A plenty of transitions and good looking themes

Cons: Lack of noise reduction functionality and poor sound edit capability (you can play only with the total sound volume and fade-out effect which allows only up to 5s)
No way to save updates manually
Not all of the updates on the subtitles saved (bug?)

Summary: The iMovie is eye-catchy, but not practical at all.
I've been so frustrated with the messed-up interface and incapability in sound edit that I almost make a big crack on the LCD screen.
Stabilization does not work good for the one recorded with a usual digital camera.
The software seems to detect the shaky part but does not fix it at all.
There is no way to turn up or down your music volume of the BGM. All you can do is increase/decrease the main volume and how it fades in or out (which is also limited up to 5 sec).
But the most critical mistake Apple made for iMovie '09 is the auto-saving function, which does not work as it ought to.
Making things even worse, there's no way to save the data manually, so once your software crashes, all your tweaked adjustment and updates are gone!

Overall, I conclude this as a waste of money and highly recommend not to buy one.

I think iMovie HD (or '06) had better in almost all aspects except for the variety of themes and transitions so you had better stick to it if you have one.