Did that. Didn't work.
My video driver isn't getting enough attention. Video in iMovie is jumpy and my cursor can't even keep up. That is having a significant impact on my opinion of the "niceness" of this app.
The interface to iPhoto blows, transition adjustments are just about impossible (it seems there's some limit beyond the length of neighboring clips, like the total project length, that isn't discussed anywhere), some adjustments (duration of movie visible on the timeline, for example) don't work, titles have gotten a lot less flexible (there are more of them, but you can't tell which aspects are locked on which title), and so on, and so on, and so on.
My own suspicion is that it's a move to drive all of us away from the "free" app to the "Pro" app.