The AIC files created by both iMovie and Final Cut Express from the same HDV source material are absolutely identical; both are 'flat and washed out' (low gamma/saturation) when viewed in QuickTimeX.
Final Cut canvas displays this AIC video in the browser and canvas windows at higher gamma and saturation than QuickTimeX. I guess these windows are mimicking a contrasty TV or video monitor. Generally your video looks very close to the original appearance of the scene as shot in these windows. However, exported QT movies often are much paler, and more washed out, than expected by the preview offered in these editing windows. iMovie on the other hand displays its internal AIC data exactly the same way as it appears in QuickTime, ie a bit flat and washed out - what you see in iMovie is what you will get when you export to a QuickTime movie.
When Final Cut exports a 'reference' quicktime movie, you'll get a 'flat washed out' version in QuicktimeX. The appearance of the video data in any QuickTime movie can be modified by the inclusion of 'nclc' and 'gama' metadata (or 'atoms'). Final Cut (and iMovie) always attaches the 'HD' nclc atom to their HD sourced AIC files. If this 'nclc atom' is removed from an exported reference movie, as can be done with JES Extensifier, the same data looks a lot better in QuickTime- closer to what you see in the Final Cut timeline. However, this kind of near lossless large file should be used for TV broadcasting / distribution, not internet or PC distribution, and removing this metadata may confuse users down the track when they import or export from this file en route to a TV near you.
When Final Cut exports 'Using Quicktime conversion', a user-specified codec has to decide what to do with the colours. Often this is used to make iPod or other more compact versions of the movie. One would hope that the colours in the converted movie reflect what the person making the video intended. It would seem ideal for the colours in the exported movie to match what is seen during editing in Final Cut. However this is often not the case. Different codecs make different assumptions about the colour intent of the source, and must guess what 'nclc' atom should be applied. The 'HD' atom is not appropriate for the iPod, for example. The h264 codec results in video that closely resembles the appearance of the internal AIC files, and consequently usually appears too washed out and pale. x264 does a little better.
With these other codecs, any of a number of 'nclc' atoms can be applied, and additionally the 'gama' (gamma) setting can be set, both of which significantly alter how the same underlying source video is displayed in QuickTime X. Using JES Extensifier it's fairly easy to change these in such a way that the output video looks much closer to what we saw in Final Cut.
For instance, try exporting using the x264 codec, and then remove the 'HD' nclc atom and set the 'gamma' atom to 2.2. Hey presto, your video has saturated colours again, and solid dark shadows! It looks great!. Too dark in the shadows? No problem, fine-tune the 'gamma' setting to your liking. Making these changes is non-destructive, because they are just metadata elements. The appearance associated with metadata changes will be reliable in QuickTimeX from machine to machine, and within software that supports these tags. That it is not always consistently interpreted from app to app explains why it doesn't always work as expected. But at least this gives the user a simple non-destructive means to fine-tune the appearance of their exported movies.
A more robust way is to change the underlying data so that it does not rely on the metadata. However no-one seems to know what settings to use in QuickTime's export filters to correct the colour space, gamma and other parameters to ensure that video exported 'Using QuickTime Conversion' actually looks exactly the same as it appears within Final Cut Pro (and how you would most likely want it to appear).
The following approaches work:
1. Make a reference movie (export quicktime movie). This will use the AIC codec and the HD nclc atom. Get JES Deinterlacer. Set its input filter to 'no nclc atom' and gamma to 2.2. Export using whatever QuickTime codec you prefer. Deinterlace if intended for desktop rather than TV distribution (JES Deinterlacer does a fantastic deinterlace, with much less in the way of jagged edges. If halving vertical pixel count, you get the sharpest possible frames if you tell it to use only one field, though not everyone likes this effect.) Personally I recommend exporting with the x264 codec over Apple's h264. If you do, you can make sure that no nclc or gamma metadata is attached. Anyhow, the resulting file will have much denser midrange tones than the exported AIC movie, be really sharp and clean, just like the appearance within Final Cut. Using JES extensifier you can fine-tune the gamma of the video in a non-destructive manner.
2. As in (1), create the reference AIC movie. Open this in QuickTime 7 (pro) and export with the codec and settings of your choice. See (3) below for notes on codec and deinterlacing. Results will be much better using (1) above.
3. Export direct from Final Cut 'Using Quicktime conversion' with (say) the x264 codec. Set the size and if for desktop use enable deinterlacing. Note that Apple's deinterlacing blends both fields, resulting in blur. That's all. Unfortunately the results are not as good as using JES Deinterlacer as described above. Looked at critically, you'll find the output video is pale and washed out, probably because Final Cut does not fully correct for the gamma reduction in the base AIC files during the export process. So you'll need to get JES Extensifier and add a gamma value of 2.2 to 2.4 to the file before it starts to look right on your screen. If the HD nclc atom is included during the export, its best to remove it, because it tends to make reds a little closer to orange and lowers gamma (and this has already happened a bit in the AIC files, so it gets twice as bad if the HD atom is included).
4. Filter on export from Final Cut 'Using Quicktime conversion' so that the file itself does not depend on gamma metadata. To correct the gamma and fix colour shifts induced by the HD atom in the AIC codec, you'll need to include in the export filters a gamma correcting colorsync filter, a small hue shift, and a small increase in saturation. I don't have a recipe for these. One colorsync converter could conceivably be created to do this job.
In the end I find the very best results using the technique described in (1). The resulting file looks great on any desktop computer, and is free of interlacing artefacts at edges, particularly if the file height is halved. Colours are rich and deep. Inserted jpeg's and images will retain the full range of colour (not exactly, but nearly exactly). The file is perfect for internet sharing, youtube etc, but not suitable for broadcast TV - it will be too contrasty, though this can be fixed to some extent by changing the gamma setting downwards a bit.
One thing to note - the same 'quality' settings when using QuickTime conversion in iMovie result in smaller, more compressed files than identical settings in Final Cut.
Also note that iMovie handles inserted still images very differently from Final Cut. Final Cut renders still images on insertion, resulting in an essentially irreversible but subtle colour shift, so that even in the canvas, your image immediately looks different from the original. If the export technique in (1) is used, these renders will look good on your desktop - much better than they otherwise would. iMovie on the other had displays images within the iMovie program just like Preview, so they always look good on screen. iMovie only provides export using QuickTime conversion, so it is impossible to avoid some colour shifts during conversion.
It is possible, but quite difficult, to get excellent quicktime movies for web or computer distribution out of Final Cut., and I hope that the above info is helpful to those of us who've strugged with colour shifts when using Final Cut. I honestly believe that Apple could make all this a LOT easier, particularly when the intended mode of distribution is by the internet and playback on computer rather than TV screens.
Cheers
Chris.