Thanks MightyGem, I'll give that a try and see if it'll end up being more time saving than redoing stuff from scratch.

I must say that I'm having a really tough time adjusting to iMovie11. Though more powerful, it's not as intuitive. And cutting and moving clips around seems a lot harder to do.

At the moment, I'm avoiding the issue of updating my projects to '11 by copying my iMovie 4.0.1 onto the new computer and continuing the old projects using that. New projects though I have to use '11 because I can't get 4.0.1 to import things when on this new system without something going wrong with the imported footage, like dropped out sound or dropped out everything.