Depends if you want to make a windsurfing movie or Lord of the Rings??
if you want to put clips together with music and some some slow-mo then iMovie is perfect.. I have a copy of Final Cut Studio (or whatever) and Adobe After Effects CS5 which is overkill and I have no idea why I have them... But it makes me feel good to posses video editing software worth more than my bank account...
I recall Andre saying 4dimensions was edited on After Effects. But unless you have an equivalent spec camera I dont see the point..
With a low spec. camera and some decent video editing you can get some pretty decent results as long as the footage is good and you know what your doing. Check out these guys, Lumix FT1
iMovie doesn't support 60fps, which is currently my only problem with it. Other than that with a GoProHD you'll be able to make some pretty complete edits:
First one isn't in HD because of vimeo, the second video is a better depiction of the true quality, when watched in HD on vimeo.
The editing on the french video was good, but it is betrayed by the low res footage.. And I agree it was a little bit overkill with all that colour adjustment and fancy 'Committed reloaded' style editing with the lens flares every 5 seconds. Its good in moderation but not 100% of the video..
I would much rather spend the money on a hi-def camera or a tripod than an industry standard editing package.. Unfortunately you can't download a camera, tripod or a car..
this is chris and tony from Estonia filming on a standard camera with no fancy editing, Just good music and well timed cuts..
I agree with barn.
Actual content will always trump excessive production.
Same as music. A good song does not need over-production.
i know this off the original topic but i use windows movie maker (original version)
the software does all edits, beat syncs and fades etc. you just stick in the vid clips and the song and push the button 
Yes i have iMovie 08. Is the upgrade that i want iLife 11? Or is there a free one..
I have imovie, but I can't get it to import avis from my camera. Do the video files need to be in a different format? If so is there a way of converting them?
http://thepiratebay.org/torrent/5899574/iLife__11_Full_DMG
That looks like a nice torrent for iLife '11 and there are plenty of people seeding. Judging by the comments it should install without a password or anything.. Its 2.9GB so thats only an option if you have the the speed and the bandwidth... There is also a torrent for the Adobe CS5 there if you wanna go completely nuts with editing!..
www.transmissionbt.com/download.php
This is a program that lets you download a torrent file if you don't already have it..
I don't know about converting Avi files.. Should be easy to find on google??
I have to say for ease of use, Imovie is pretty bloody good.
Here's my first imovie attempt:
