Hi all, not sure if it helps but my 2 cents is the generating thumbnails bit is not that horrible, just let it run. Also, try without using MPEG Streamclip. Import full size into iMovie '11 then right click the clips and then select "Optimize Video (Full)". I was going crazy wondering why my iPhone 4S 1080p video was stuttering despite having a 7200rpm drive.
Simple fix, right click, Optimize Video. Let it do it's thing with Optimize and Thumbnails, it will make editing much smoother and easier, from what I find.
On my Core 2 Duo 2.4ghz MacBook Pro mid-2010 13" the optimisation is around realtime, ie. 2 minutes to optimise a 2 minute clip.
On the 2011 Core i5 and Core i7s it should be half of that, so, let it do its thing.
Optimize as in Optimize Video (Full) option.