iLife '08's iMovie may have been completely rebuilt, but we're beginning to hear reports of features that existed in the previous version that are unavailable in the current iteration.
We do note that when you install the new version of iMovie, you will be asked if you want to keep the old version installed on your system - and it seems prudent for iLife '08 owners (who are beginning to receive software ordered Tuesday night this morning) to keep that old version installed.
A shortlist so far of features that existed in the previous version but which some claim to be unavilable now follows. We urge iLife users to use the comments field to this blog to share what you have found so far, including positive observations. We aim to be balanced.
The following appear to be missing at this time. We'll revise this with new information as it emerges:
Track volume editing;
No true timeline;
None of those previously available Motion Graphics effects;
If you have already installed iMovie from iLife '08 and didn't choose to keep your copy of iMovie HD, then salvation is at hand. Apple has made iMovie HD available as a free download. The 154.6MB application is available here.
Please comment on your findings.