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Apple CEO Steve Jobs anounced today at a special event at Apple headquarters in Cupertino that iMovie is being replaced by...iMovie.

The new version supports the AVCHD format, a rapidly growing format for High Definition (HD) video. It utilizes a single library that tracks all the video you've shot.

iMovie will utilize the "skimming" effect debuted in the iPhoto announcement; users won't have to actually "play" clips to see what they contain. Jobs compared this approach of selecting video shots for your iMovie to selecting text in a word processor, according to Macworld.com.

The new iMovie also improves and speeds up the process of adding music, sound effects, photos, title effects, and transitions to you rmovies. iMovie's Share menu will allow users to easily export their movie to the iPod, iPhone, Apple TV and .Mac Web Gallery, and the program now has built in YouTube sharing functionality.

Applelinks will have futher details and screen captures as they're made available. In the meantime, be sure to visit Macworld.com for breaking news.