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.

Once upon time, video codecs and formats were really only the concern of AV nerds, anime freaks and hardcore not-so-legal movie downloaders. Now, even the most part-time of geeks has to deal with them, whether they're trying to stream a flick across their house with an Apple TV, dump some video onto their phone or…