That's right, it's version 7.1.4. Don't ask me what happened to 7.1.3. I guess it never reported for duty.

According to Apple, "This update addresses general compatibility issues, improves overall stability, and addresses a number of other minor issues."

It looks like this update at least changes all the references for ".Mac" to "MobileMe," logos and all. 

Anyway, you can get yourself this new update via your Software Update, or use the following link:

iMovie 7.1.4 Standalone Updater

Apple is tweaking iMovie '08 again. This time version 7.1.2 has been pushed out to the masses via Software Update. (If you don't see it, you probably need to run the Quicktime 7.5 update first.) You can also download the standalone installer if you prefer, just be sure to run the standalone Quicktime 7.5 installer first (for Leopard, for Tiger, and for Panther).
Apple says:

This update addresses general compatibility issues, improves overall stability, and addresses a number of other minor issues.

• Support for Panasonic's HDC-SD-9 and HDC-HS-9
• Support for the Flip Mino
• Direct import of MPEG-1 videos from Sony's Digital Still Cameras (Pretty slick, it allows you to pick and choose what you import from the SDHC card directly into iMovie.)
  
• Improved AVCHD import on multi-core systems (Most Macs of recent date have multi-core processors, so if you import AVCHD, you will probably see improvements.)
• Fixes a number of critical bugs

Apple released a maintenance update to iMovie 08 today. Check your software update or download the standalone updater here:

iMovie 7.1.1 Update

According to Apple:

This update addresses issues when publishing movies to a .Mac Web Gallery, improves overall stability, and addresses a number of other minor issues.