Someone contributed this months ago:
I finally managed to output a movie from iMovie'08 at 60fps.
Here's how I did.
And for everyone, I strongly suggest to:
-backup your iMovie'08 projects (just duplicate the iMovie projects folder)
-backup your iMovie'08 preference file ~/Library/Preferences/com.apple.iMovie7.plist (Duplicating it should be enough - ~/ represents your user folder)
This tip uses the power of Mac OS's XML preference files. So you will need Apple's property list editor, which is available for free with Leopard developer tools (on the Leopard DVD I guess, or on Apple's Developer site). You can also use the excellent shareware PlistEditPro, which just produces an annoying dialog until you have licensed it, available here
http://www.versiontracker.com/dyn/moreinfo/macosx/22659
Quit iMovie.
Open iMovie'08's preference file with Property List Editor or PlistEdit Pro, search for "videoFrameRate". With property List Editor, you will have to clic the "Root" triangle and scroll to the end of the list.
Just change the value from 30 to 60, save and quit.
Relaunch iMovie'08.
You will notice that iMovie is less reponsive than usual : it seems the Mac now tries to calculate 60 frames instead of 30 per second.
Export your movie with Quicktime, export to MPEG-4, MP4 file format, H.2641280*720, 18000kbps, automatic keyframes, 59.94fps, main profile, single pass for video, and for audio AAC stereo 48kHz 128kbps or more.
And you get a beautiful 1280*720p60 .mp4 out of iMovie.
It plays perfectly on my MBP and on my PS3, looks much better than the 30fps version (more fluis, but it looks just as if the resolution was better, on my Mac or on my full HD TV).
I paused the movie in Quicktime Player and used the arrows: there are 60 different frames per second!!!
I recommend only using this for exporting, and then going back to the 30fps setting for iMovie : editing will be smoother .... and no collateral damage is to be expected.