Phil announced iLife '09 at Macworld, generally acknowledging (in not so many words) the sucktitude that was iMovie '08. Phil spent a lot of time telling us how much more has been added to iMovie '09, and if the hype is in any way representative then it should represent a marked improvement over iMovie '08... not that that would be very hard to accomplish. The real question though is if it will be anywhere near as nice as iLife '06's iMovie HD.
Unfortunately, Apple again has some idiotic and arbitrary system requirements for iLife '09. For example: "iMovie requires an Intel-based Mac, Power Mac G5 (dual 2.0GHz or faster), or iMac G5 (1.9GHz or faster)." So, an old iMac G5 1.9 or Intel Mac Mini Core Solo 1.5 are fine, but a single processor Power Mac 1.6 or 1.8, or even a dual processor Power Mac 1.8 are not?
What we already know is that iLife '09 does not include any high definition disc burning features, even on plain DVD. We can understand this for HD DVD since the HD DVD format is dead (although Apple's DVD Player already can play HD DVD made with DVD Studio Pro). There is AVCHD, but this won't work on all Blu-ray players, as plain AVCHD on DVD is not an official Blu-ray format. There is also BD9 (and BD5). However, I wonder if licencing and/or specifications are holding it back, or if it is just because Apple hasn't had the time to implement it yet.