Someone just let me know that it took 4 hours to import their footage into iMovie. iMovie wants to convert any video it uses into raw dv, and this process can take a huge amount of time.
But there is a way to get around it.
1. Create an iMovie project, if you haven’t already.
2. Close iMovie.
3. Right-click on the project file and choose “Show Package Contents.”
4. Browse to the Media folder.
5. Place your clips in the folder.
6. Open your iMovie project.
7. Click the VIEW TRASH button.
8. Drag your clips to the clips pane.
I’ve been able to do this with .mov, .dv and .mpg.