Unlocking iMovie '09 & '11
Hallelujah! Apple has substantially updated iMovie. Here is a full list of improvements:
There are quite a lot of improvements, including multiple clip selection, manual audio fades, and still frame creation. I will be covering the improvements over the next week here on Unlocking.
PS - You are best off updating through Software Update. If you need to use the standalone updater, be sure to upgrade all of your other iLife applications as well. There is also an iLife update that you need to run before updating iMovie.