Two days ago Apple posted an update to iMovie. It did solve some of the problems like the return of the events sorted by date, but many issues still remain. Among them the elimination of the 4:3 format, which renders the program useless for people working with old VHS material (which in many cases is more valuable than modern 16:9 material, due to the historical importance; for instance, I have material filmed in the eighties).
I consider iMovie 10 a total failure; as many remarked, it is extremely slow compared with its precedessor and many options and user interface elements have been eliminated (the only thing that's better seem to be the codec). All my old VHS projects are essentially useless, they have been converted to 16:9, essential image parts being cut out. In this process many fonts have been upscaled, so that now many captions are disproportionately large compared to the movie itself. I found no simple way to select all captions of a certain type and reduce their font size. And with several tens of projects, this is no simple task anyway. Thanks God that at least I still can use iMovie 9.
It seems Apple goes the way of excessively simplifying things in order to make them compatible with their iOS counterparts. If this continues, I will have to look elsewhere. I am contremplating buying Final Cut Pro, but for what I do as an amateur, the price is a bit too much. Moreover, who knows what Sir Jonathan Ive has on his mind, he might want one day to "simplify" FCP too, so once again a bad investment for me. I already lived through the Apperture experience, I bought it when it was 200 Euros, and now it's essentialy a dead software, seems nobody at Apple is working on this project anymore.