I agree with Bengt W. There are many reasons, even in a simple movie, to want to know the timing of things. This is a surprisingly frustrating product. For want of timing information, you are requiring your users to pay $300?
In my situation, I took some video of a show (with the performers permission) with an iPad and an iPod. All I want to do is make a movie with one video as the main position with a series of cutaway clips from the other. It is incredibly frustrating to do this without knowing where you are within each clip.
When helpful and capable forum participants like we have here have to spend time explaining how best to make do with a product, it's a clear indication of a fault with the product. Now, I either have to spend extra time in iMovie making due with this crippled interface, or I have to spend time looking for an alternative product.
Consider this a feature request!