Exactly the same problem here. All photos which were in every project now show as black, Also any photos that I add to the project do exactly the same.
I tried very unsuccessfully to update to the latest iMovie as a workaround yet when I try the file/update projects and events it starts to import but then crashes hard with
Application Specific Information:
*** -[NSKeyedUnarchiver initForReadingWithData:]: incomprehensible archive (0x62, 0x70, 0x6c, 0x69, 0x73, 0x74, 0x30, 0x30)
abort() called
So along with the fact that my Microsoft Office 2011 for Mac crashes every 10 minutes, the fact I can no longer import images from my iPhone, the fact that Adobe illustrator is also showing crashing issues this is not looking very stable from multiple angles,