I also have the Sony HDR-FX-1. I was disapointed that Final Cut Pro did not have this the ablity to cut HDV first, but I am glad to have something that can deal with it. So far iMovie has just been OK, many of my smooth pans are jerky when imported despite working on a Dual 2.5Ghz G5 with multple fast stripes RAID's. I cannot imagine some working on a iMac doing anything with HD. A 8 minute iMovie project was a litlle over 35GB.
iLife Is No Place For HD (at least not yet)