Same JVC GZ-HD7 clips exported as an XML project from iMovie 08 and opened as XML project in FCP 6.0.3. Exported as INTERLACED 1280x720 H.264 at 4800 kbps as not described in my DVC Guide to iMovie 08 Editing.
No Color Correction. Check only for any difference in detail between the other FCP version and the iMovie 08 version. Should offer full V rez, but combing on motion.