We've just got the latest version of Apple's iLife09 creativity suite for the Media Workshop and Arts E-Squad iMacs. iMovie is particularly impressive.
Here's a movie I created to try out some of the new features. It was filmed using a Xacti HD camera.
The movie was edited using iMovie09, and features several of the new features including: animated titles, picture-in-picture (notice the drop-shadow), cut-aways (can use for multiple camera work), ripple transition. Other new features not used include: adjust the speed of a clip, separate the audio from a clip, overlay clips with transparency. The music is from the free iMovie09 stock.