I stumbled across this thread when investigating all the polarized reactions to iMovie 10. In case anyone is still having heartburn over this--here's my best understanding of what happened. In older versions of iMovie, when video was imported, it was converted to Apple's intermediate CODEC. This allowed portions of the source media to be removed easily without re-encoding. The downfall to that was newer comsumer grade video cameras running at 1080p at 30 fps and even the higher grade consumer at 60 fps, the import time was insanely long. Importing 10 minutes of footage from my DSLR took hours. Now, I notice that iMovie 10 keeps the original H.264/AVCHD CODEC when it imports to save lots of time there. However, the drawback is that each frame is dependent on information from previous frames, so in order to remove a portion of it, the video has to be re-encoded. Each time we re-encode the video on these lossy types of compressions, we loose more information (ie quality). Likely, Apple is avoiding it all together. If they allowed it, some folks would remove a portion. Then, later might remove another portion and maybe another before their done. Then they create a movie resulting in 4 re-encodes each diminishing quality. They would blame Apple because their original footage did not look that bad and not realize they caused the problem. So, you can trim it with Quicktime as others have said or even in iMovie, create a new movie with the trimmed portion, share it to a file, and then import it back in. Either way, the re-encoding will diminish quality to some degree. That's my best explanation of what I am seeing. I've been using iMovie for 4 years and am relieved to see that I can import videos directly into iMovie now. I used to have to import it into Aperture, then access it through the Aperture Library to avoid the ridiculous time to encode into the intermediate CODEC, but now it works much faster. I'm in the camp of "leave the original footage alone" it's worth the disk space to avoid deleting something I can't get back. An external 3TB USB 3.0 drive is really cheap now and can be accessed as fast as a local disk. Lot's of folks I know use USB SATA docks and get cheap SATA drives and just pop them in when they need it.