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Apart from the usual reference to improved overall stability, Apple highlights three particular changes.
Video clips created on an iPhone 3GS should now be correctly rotated in iMovie.
Previous instability when adding multiple beat markers has been overcome. (This issue only applied to certain though unspecified languages.)
Hanging should no longer occur after using the fine-tuning controls beyond the stabilised portions of a clip.
Apple officials recommend the update to all iMovie 09 users.
It is available via Software Update or directly from Apple Support Downloads.