What is going on with iMovie '08???

I've managed to have the new iLife suite installed on my MacBook.
After spending hours battling with the new iMovie... i.e. learning the new movie library system, new interfaces..... I think I have pretty much managed to get iMovie going once again....
Well, this version of iMovie has a welcoming interface (the movie library), I say most people who is fresh to iMovie will like it better.
However.... the gut of the program is a disaster: NO THEME TEMPLATES, NO VIDEO EFFECTS, AND ONLY A HANDFUL OF BASIC TRANSITIONS. The sound adjustment is again, very limited to what you can do with the tracks (i.e. no control of the fade-ins and fade-outs, for me... this is like using the 1st iMovie program dating back 10 years ago...
I am in full support to Apple's many new concepts, however.. knowing that people like me who has been using iMovie for many years would definitely expect a program with a bit more flexibility and at least matching the iMovieHD's programming power.

Please share you experience with me re: iMovie '08...