I'm pretty disgusted with iMovie '08, so I decided to read a review of Final Cut Express 4.
MacWorld desperately tries to say nice things about Apple, but despite the "4 mouse" rating the review reveals a right mess. Different behaviors on different processors, inability to import some formats iMovie '08 handles, etc, etc.
Video editing was always pretty complex, but I think the profusion of codecs and file formats has driven it over the cliff.
Apple's offerings are pretty sad at the moment (iMovie HD was the closest they got to a good solution, and they abandoned it). Unfortunately I think Apple is the only consumer video option for the Mac.