Problem: In my first attempts to use iMovie to edit the video I shot last night at the American Idols Live concert, I was frustrated by the fact that iMovie only accepts a couple of formats. (The music was pretty excellent, by the way, to all the doubters out there). Solution: After minimal searching I found this sweet application, Squared 5, that seems able to converter anything to MP4 or other iMovie friendly formats. It even has some basic editing image editing, cropping and an automatic volume control that took a lot of the excess noise out. The last piece was better than anything I could find in iMovie, although I'm no expert in the app. You can compare the iMovie clip to Squared 5 clip with what I've loaded to YouTube.