The most interesting about the iMovie update that dropped yesterday is that "improves compatibility" with camcorders using the iFrame video format. The iFrame video format, you say? Why yes, it's a new video format from Apple.
iFrame's based on industry-standard codecs H.264 and AAC, but it's got a standard res of 960x540 and it's designed by Apple "to speed up importing and editing by keeping the content in its native recorded format while editing."
Currently, the only two camcorders using iFrame are the Sanyo VPC-HD2000A and VPC-FH1A. The question is what other cameras are gonna be using it and how much of a real standard iFrame's going to be. We all know how much Apple loves setting standards. [Apple via Cnet]