All the previous imovie event and project folders are there as well - iMovie 10 imports all your existing events and projects into a new library specifically for iMovie 10, rather than converting them in-situ. This new library is akin to the iTunes library - you can see the contents with "Show Package Contents" - rather than it being plain old folders.
I guess because iMove 10 is a big UI change from the previous version, Apple are being polite and allowing users to revert back to the old version without having to reinstall and re-extract files - if they don't like or have issues with the new iMovie 10.
That said, if like me you have a large amount of iMovie content, creating a brand new copy of all this media in this way means I now have two copies (2 x 250GB!) on disk - all now hitting my Time Machine devices!
Anticipating this, Apple also provide a tip on removing the iMovie 9 folders at your leisure - here http://support.apple.com/kb/HT5917