Editing and getting clips into iMovie with MPEG Streamclip

Is it as simple as opening them up in MPEG Streamclip, editing out the unwanted footage and Save As (defaults to a mpeg file and says converting in the dialogue) or do I need to export as DV or some other format?
It may or may not be as simple as that. Convert to DV (or AIC/AIFF) if you plan to use a video editor in your later work flow. If you are not merging content at this time you can either use the "Save As..." option to save the original multiplexed data in the MPEG container. (Just be advised that this container has file length restrictions depending on the system/application accessing it.) Another option would be to save the segments to TS file containers. If you have DVDSP available, do not plan to use a video editor later on, and your original VOBs are multiplexed M2V/AC3, my primary preference would be to demultiplex to paired elementary stream (separate M2V and AC3) files which and be imported to DVDSP and merged to one or more titles from within that application for re-burning to DVD without loss of original quality.