I was just playing a round with the new iMovie '08 and my wife's Canon SD30 (not really a video camcorder but it works pretty well), and I have to say I was impressed.
Once you wrap your head around iMovie '08's new interface (if you've used the previous iMovie), then you realize how quickly edits can be made. Not only that but the addition of direct to Youtube feature is amazing (read as "groundbreaking/revolutionary").
I discovered that once iPhoto had actually imported the video from my camera, it showed up in iMovie under "iPhoto Videos". Very convenient integration going on there. And before I had noticed it, I was unsuccessfully trying to drag the movie from iPhoto to iMovie directly which didn't work. I was being a dumb user, so shame on me.
Once I got the video into iMovie, I just selected what parts I wanted (which happened to be the whole thing), and dragged it up into the pane above. Once that was done, I simply clicked "Share", and then "Youtube" from the dropdown menu.
A dialog appears asking you to allow iMovie to post to your Youtube account. Once iMovie is approved which is seconds because I was already logged into Youtube, you are ready to upload. It prepared it, compressed it, and posted it, all in two clicks.
I heard about this in detail over at TWIT.TV as Alex Lindsay expertly described this situation, and how he and his crew over at Pixel Corps were going to use it to make quick edits while they're at big conferences. And then later polish it in Final Cut using the export to Final Cut feature.
I'm going to have a lot of fun throwing together things in iMovie now. I think I may be using this when I go to Photoshop World to work.