Is iMovie '08 WAY too basic ?

Yesterday I installed iMovie and was very happy to see the new interface.

I quickly threw on a couple of movie-clips just to play around with this new app.

Sadly it only took me a few minutes too realize that iMovie '08 is way too basic for my taste.

I love Apple for being extremely clean and simple but this is taking it one step too far.

Yes I could write a list of shortcomings, but this would take me all night and probably some of the morning too (the list would be that long, i swear).

The idea behind iMovie is really cool, and the whole concept is so much better than the old version, but there's no support for 3rd party plugins, and the palette of Apples own templates are nice, but almost absent.

Apple is definitely on the right track here, but PLEASE Apple release some updates to this application soon.

Don't erase all the brilliant stuff you spent years on building with iMovie 6