Come on Apple! This is the kind of idiotic thing Microsoft does: Take software that's working well and, inexplicably, redesign key interface elements so that it becomes almost unusable (just look at the new MS Office 2007 for an example). Whoever convinced the iLife supervisors at Apple that the timeline in iMovie had to go should be sacked, posthaste, and those Apple supervisors should probably be booted as well. God, we're in trouble once Steve Jobs either retires or dies!
There's no end to the ranting out there regarding this issue, but just so you're aware...Apple apparently understands it's a dumbass, because they allow downloads of iMovie 06 to augment the 08 version. What they meant to say was "replace."
And just so you know, I made an effort and gave iMovie 08 a try; I just edited a movie with it. I got used to some things after a while (and a few new features are actually desirable), but it's still cumbersome and confusing. A timeline is too important, especially for audio edits.
BRING BACK THE TIMELINE APPLE! Leave the bumbling to Microsoft.