Apple has touted iMovie '08 as a complete rewrite of iMovie, but it would seem that not everyone is thrilled with it. Sure, iMovie '08 has some interesting features, but it lacks many things that the more mature codebase of iMovie HD 6 offers like:
And lots more. Lot of iMovie HD 6 users have written in to complain about these changes in iMovie '08, and it would seem Apple has heard their plea. iLife '08 owners can download a version of iMovie HD 6
(version 6.04 to be exact, version 6.03 is the most current version available to non-iLife '08 users at the moment) so that you can have both movie making apps at your fingertips. It is also worth pointing out that when you install iMovie '08 it doesn't get rid of iMovie HD 6, but rather moves it into a different folder.
Thanks Aaron and Mysteryquest.