Hi, we're having the same problem and it's holding up my studio badly... basically, WE CANNOT EXPORT so we can't deliver. Apple, please deal with this NOW. What's the point of the software if we can't actually use it.
Anyway, for the benefit of everyone else I'm putting up our workaround for those of you who want to use custom speed changes. Here goes:
1. Create a movie exactly how you want it - with speeds of 33% or whatever you want.
2. Ready to export? Duplicate the movie.
3. In the duplicate, open every clip you've slowed down and change the speed back to 50% or 100% - whatever iMovies' slider snaps to.
4. But just before you change the speed, note the duration of the clip (just above speed).
5. After changing the speed, re-enter the duration that you had in the previous step.
6. Do this for all the clips that require it.
7. Export both this version, and the original version.
You now have two versions that you can open in Quicktime (PRO). One has correct speeds but bogus audio; the other has bogus speeds but good audio. Because you carefully retained the durations of each clip however, both movies are exactly the same length.
Moreover, when you open movie properties in QuickTime and view the audio track of each, you can remove the bogus one from the good video (delete). Then go in the version with the good audio, select all and do:: edit > copy. Now go back in to your version with the right speeds and do: Edit Add to Movie. Save the resulting file (it will want to 'flatten' it but doesn't change the quality as far as we can tell.) Same file size as your original.
Voila. You have exactly what you were trying to get.
I'm very sorry I can't be more detailed or answer many questions - we have a LOT of this to go fix now. Good luck!!!!! Hopefully Apple will release an update. Today's update to iLife did not help.
James