Here's a review that confirms my impression.  the only thing he leaves out is
that iMovie 2 works fast in X as well as in 9.  I think Apple shipped a weak
beta version and I hope they get it together.  There just isn't enough new stuff
in iMovie 3 to justify such a speed handicap.

RichHere's the review, picked up randomy off Google:

 iMovie 3 vs. MovieMaker 2
by Bob Loblaw

url:  http://videobuyersguide.com/software/iMovie_vs_MovieMaker.html

Excerpt:
+++++
In my original draft of this story, I had a section in which I complained about
the speed of iMovie 3. Then, I removed it, thinking that this is ultimately a
computer issue and, of course, such problems can almost always be solved by
throwing more money at the problem. Then I rebooted my G4 into Mac OS 9 and
booted iMovie 2 in that environment. Wow.  I was suddenly reminded how
incredibly fast iMovie 2 can be on the same hardware I was now finding
lamentably slow under OS X. As a consequence, I've come to my senses. iMovie 3
IS frickin' slow. Slow enough that the performance of iMovie 3 makes me wonder
if it was purposely made slow, to encourage users like me, who've bought a new
Mac in the past 12 months, to suddenly feel the urge to upgrade to a faster
machine. (One user, posting at the forums at MacFixIt, notes "iMovie 3's
performance is dismal and brings my Dual800 to its knees making it basically
unusable.") The G4-based Mac on which I tested the app is considerably above the
minimum requirement, yet the program can't even display quarter-screen video
previews of DV clips smoothly. And, yes, my computer felt like a speed demon
running iMovie 2.0x under Mac OS 9. Didn't they all.
*****

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