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Unlocking iMovie '09 & '11

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.
I have learned a few more details on what this update improves, namely:
  • 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
If you have seen any changes, for better or for worse, please share in the comments!