vers. 7.1 of iMovie08 doesn't offer any effects as iMHD≤6. On my Top5 list of most-wanted is slow-mo.. I like to film my son playing soccer, and to impress the family we need sloooooow-mo and heavy guitar chords..

Simple method: do that project in iMHD6..

Plan B) .. export the clip that should be slow-mo and re-import to iM08.. isn't dv lossless? That was a usual routine in iMovie!
NOT ANYMORE in iM08 .. we (some members of the Apple Discussion Boards) noticed a 'flaw' in the Export Feature of iM08.. a dv-import does show a blurr and a maginification (!) when exported as dv again..
So, how to keep a max. of pic. quality...?

Step 1: Import wisely

I import from my reliable miniDV Camcorder, but just the part I need (1). Please notice the location WHERE you did import the clip, in my case on my ext.HDD 200, the Event's name is slow-mo-07 (2) ...

Step 2 Where's the clip?!

Did you notice/remind the Event's location?

Good, now launch the free app
JES Deinterlacer (click here for download. or insert this into your browser http://www.xs4all.nl/%7Ejeschot/JES_Deinterlacer_v3.3.2.zip )

Under 'Input' choose your file from the Event's Folder...

Step 3: make it sloooooooow....

Now, the main part of magic:
Select the 'Project' Tab and ...

Select your video standard (1), to make the size settings automatically correct.
Select Blend (2), to make the slow-mo smoooooth...
Select a Movie Speed.. that is math: 0.1 is a tenth of original speed, 0.5 would be halve speed, 5.0 would be no slow-mo, but a 5x faster clip....

Step 4: Let JES DI do its job...

Select Output, select a location, ....

... notice, how many frames that few seconds clips generate, when you increase the length by factor 10x ..

Step 5: Back ito iM08

.. that's a no-brainer: in iM08 choose 'Import Movie...' and select your generated file...

After import, again, notice the new (2) length of the clip (1) ...

I'm pretty sure, you will just select a portion of it in final project. Add Titles, transitions, effects.. ahh, no effects, and for sure some Heavy Guitar Chords... ;)

Here's how it looks like http://video.google.de/videoplay?docid=-4102952163069438639&hl=de

Have Fun With iMovie!