iMovie lets you edit your clips into a movie with soundtrack and themes. This is the professional way to edit your home movies. Split, mix, and join bits and pieces of your home made video materials to create one outstanding feature to share with your family and friends.
I am sure that somewhere in your basement there is a tape or two of important events that had happened in your family. Maybe, your child's birth was taped, or your wedding, or your great grandfather's birthday. You could convert those memories into digital format and create a great movie out of it. Of course, you would spend quite some time making a masterpiece out of those old memories, but program's recognition of action and people would help you a great deal! I guess the limit is your imagination since Apple was able to surpass the sky limit (as in the sky is the limit) with this package of program.
There are many cool effects you can add to your movie. Make it very interesting with guided creation. Make it interesting for years to come. Freezing frame effect is the one I'd over use while creating a movie. You can freeze a frame of a movie, to create some needed suspension. Creating start and end credits has never been easier. In fact, the program almost does it for you, and you can change it at any time.
All iLife's programs do fit together very nicely. An output from one of the programs can be used in another. For example, you can create a slide show in iPhoto, then import it as a movie to the iMovie, add sound effects and create a great soundtrack using GarageBand... so I think 50 dollars gets you a whole professional video editing office, which I am sure will come handy sometime in your life.
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