If you ever wish iMovie HD had more export options, like your favorite converter app (mine is MPEG Streamclip), there's a very simple way to use your third party converter app on an iMovie project. Control-click on the project file in the Finder and select Show Package Contents from the pop-up menu. Navigate into Shared Movies ยป GarageBand, where you'll find a tiny .mov file. Use this file as the input for whatever converter you want to use.

You can also simply double-click this file if you wish to watch your video without opening up iMovie HD.

[robg adds: Note that this hint applies to the older version of iMovie, not the new iMovie '08.]
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