Well iMovie 7 in iLife ’11 (is that confusing or what!) has been remarkably stable as I’ve produced things (not like iLife 08), but here are some of the quirks:
1. If you are really a power nerd, you want every frame to match up. At the playhead there is a time listing, but if you hit a magic key that disappears. It is Command-Y.
2. If you want to nudge your video over a frame at time, you either get really good with the mouse or learn there is Option-Right Arrow and Option-Left Arrow. Would have helped lots to know this before
3. The main wierd bug I’ve found is that for some videos, certain formats like 1080p are greyed out in the Media Browser. Can’t quite figure out why. The workaround is to use the Share/Export to Quicktime to get the equivalent formats. Seems like a Media Browser bug. This appears to be because if the video is a higher resolution than what was shot, it is greyed out. So if you have a low resolution video, it won’t upres it.