Its extremely limited, but Ive seen people work with it and make some nice videos.
If you develop a taste for editing, upgrade to Final Cut.... as you work with imovie already spend some time on finding it free, installing it, etc.
Its a pleasure to work with, Ive done all my work until 2 years ago on it. Well, after 1999 when it came out. Before that I edited on tape.
" The strong do what they can do and the weak accept what they have to accept. "