ZDnet points out that Steve Jobs has announced the new iMac. With greater video capability. Engadget has more. More at Techmeme.

Jobs talked about a brilliant Apple engineer who came up with new way of editing video that is “startlingly better.” iMovie 08 maintains its own library of videos and skim to preview feature similar to that of iPhoto. “It’s a far superior way to look at stuff and find videos in your library,” Jobs said. He showed scrolling through videos in the thumbnail view:”Isn’t this incredible,” he said.

The major improvement in creating movies is the ability to grab seconds or minutes of video from various clips like selecting text. Jobs demonstrated the ease of creating a movie and adding music with iMovie 08. “You can imagine in 20 minutes you can make a really cool movie like this,” he said.

iMovie 08 allows you to share videos with iTunes, .Mac Web Gallery, Media Browser or YouTube, and videos can be saved in Mobile, Medium and Large (better than DVD resolution) resolutions.