Apple has released an update to iMovie ‘11 for Mac OS X adding support for opening projects imported from iMovie for iOS. Originally debuted with the launch of the iPhone 4 last year, iMovie for iOS was more recently updated to a universal app to add support for the iPad 2. Although iMovie projects could be exported via iTunes and used with the iOS version of iMovie on other devices, one significant limitation has been the inability of these project files to be imported and used in the desktop version of iMovie. In addition to adding support for iMovie for iOS project, iMovie 9.0.4 for Mac OS X also fixes issues related to audio adjustments and performance issues when working with large quantities of video clips or large iPhoto libraries. The iMovie 9.0.4 update requires iMovie ‘11 and can be downloaded directly from Apple Support or via the Mac OS X Software Update tool.
Update (07/18/2011): Apple has posted a support article detailing how to import projects from iMovie for iOS to iMovie ‘11.