Here is Ken's article that I am now reading carefully..http://www.kenstone.net/fcp_homepage/imovie_09_stone.html
I can't download >500MB from home, so I'll wait until tomorrow to purchase the $15 iMovie 11 (version 9.0.2 on Apple Store). I am quite familiar with all previous version prior to this one, and my impression from visiting Apple's website and reading some forums is that the interface hasn't changed much since iMovie 9 (the link you kindly provided and that I had read a while back already, when I was considering transitioning to FCP).
My question (to myself) was: are they going to work directly on the AVCHD footage or are they going to keep transcoding it before working on it (that's also the question I read about the new FCPX BTW)?
Well, I would recommend reading the user comments on Apple Store: "very slow for complex projects" (does this mean they indeed do not transcode but that rapidly overwhelms a basic machine's capabilities?), "takes hours to render" (not what the FCPX "preview" claimed about FCPX but again, what hardware was used? Will we need a GPU farm in the background to be able to not see the dreaded rendering progress bar? One of the user is using a i7 quadcore with 8 GB RAM, which is what I was planning to buy), "audio out of sync", etc...
I dropped iMovie 9 because it was screwing up my footage's color during some transitions during export (and because of the explosion in size during import). It looks like it still easy to find some flaws to the software when trying to go a little beyond the kid's soccer game week-end video... But for $15, what can you ask for?
Of course that does not say anything about FCPX!
Concerning AVCHD Lite, here is what I found on wikipedia (not a guaranty of any sort, obviously):
iMovie 11:
iMovie '11 (Version 9.0) was released on October 20, 2010 as part of the iLife '11 package. It has the ability to make trailers for home movies, more control over audio, instant replays, flash and hold, facial recognition, news themes, and the ability to watch the video on a Mac, iPad, iPhone/iPod touch, Apple TV, Facebook and YouTube. It now supports the AVCHD Lite format.
AVCHD Lite:
Branding
Panasonic and Sony developed several brand names for their professional as well as simplified versions of AVCHD.
AVCHD Lite
AVCHD Lite identifies a subset of AVCHD format, in which HD-recording is limited to 720p/30.[23] The 720p/30 video is recorded in the AVCHD 720p/60 format by storing every other frame, and using a bitstream flag to tell the playback device to play each frame twice. Announced in January 2009, the Panasonic DMC-ZS3/DMC-FT1/DMC-TZ7 digital cameras were the first digital cameras to offer AVCHD-lite movie mode. Since then, Panasonic has added AVCHD-lite to more of its digital cameras, such as the Lumix GF1 Micro Four Thirds, Panasonic Lumix DMC-G2, Lumix DMC-FZ35/38, Lumix DMC-TZ10/ZS7, Panasonic Lumix DMC-FX75, Panasonic LX5, LEICA D-LUX 5, LEICA V-LUX 2.
Then follows a couple other formats...
Note that iMovie 9 was already importing AVCHD footage (but converting it into AIC), so I suppose it simply means iMovie 11 now supports some exotic manufacturers' variants but doesn't tell anything about transcoding or not. That would be best asked on an iMovie 11 forum, I suppose.